Find out who owns your credit card and ensure you don't miss out on the best credit card deals
Many banks and their various products, such as credit cards and current accounts, come under the umbrella over a wider banking group.
For example, the Royal Bank of Scotland (RBS) group controls RBS and Natwest banks and their credit cards. While NewDay Ltd look after brands, such as Aqua and Fluid. This doesn't necessarily impact you, but it might be worth knowing in the event that you want to switch your credit card.
When switching your credit card provider, especially in the case of taking out a balance transfer or transferring debt from one credit card to another, knowing your banking groups could be important.
Understandably there can be a lot of confusion about who owns your credit card, and what the rules are around that.
With lesser known brands and famous retailers, it can be even more confusing. Who owns Aqua credit cards? Who owns Tesco credit cards?
You can see our list below to see who owns your credit card provider (or handles their lending):
|Credit card brand||Owned by|
|AA||Bank of Ireland|
|American Express||American Express|
|aqua||NewDay (formerly Sav Credit)|
|British Airways||American Express|
|Bank of Scotland||Bank of Scotland|
|Black Diamond||Vanquis Bank|
|Capital One||Capital One|
|The Co-operative Bank||The Co-operative Bank|
|Halifax||Bank of Scotland|
|John Lewis Financial Services||HSBC|
|Post Office||Bank of Ireland|
|Sainsbury's Bank||Sainsbury's Bank|
|Tesco Bank||Tesco Bank|
|Vanquis Bank||Vanquis Bank|
There are two reasons why you may wish to know who your credit card provider is.
Firstly, balance transfer credit cards, which offer 0% interest for long periods, will never let you transfer a balance between the same credit card providers.
This means, if you have a Natwest credit card, and you apply for a new Natwest balance transfer credit card, you won’t be able to transfer debt between the cards. It always needs to be from a new provider.
The same almost always applies between banks under the same banking group. So if you have a Natwest credit card, you would not be able to transfer the balance to an RBS credit card, as they fall under the RBS group.
Compare all sorts of credit cards from 0% cards to rewards, balance transfer to cashback cards.
Secondly, some banking groups will not allow you to have more than one credit card from their range at the same time.
This might be because they want to reserve their other cards for 'new customers'.
If you have one credit card for less than six months, and then apply for another from the same provider, you may get turned down for this reason.
You may also wish to know which banking group your current provider falls under. This could be following a bad experience and wanting to avoid it when switching to a new current account provider.
However, it’s worth noting that many banks, even under the same banking group umbrella, offer different services, and can often be very different from one another. For example, you might be able to get a New Day credit card with Aqua, but they also provide store cards for Amazon, Topshop and Debenhams.
Fortunately, if you're seeking to transfer your balance, you have quite a few options, whoever owns your card. The best balance transfer card depends on what you want from a card.
You can look at the cards with the longest 0% period, no upfront fee, or flexibility with long 0% periods for purchases and balance transfers.
Applying for a credit card by the same issuer doesn't just pose a restriction on balance transfers.
Some providers will not consider you eligible to apply for two versions of their cards at the same time.
For example, can you apply for a Luma credit card if you already have a Capital One credit card, and vice versa?
Capital One issues Luma credit cards, as well their own credit cards, but you may not be able to have both at the same time.
As a general rule, and as mentioned, credit card providers usually want you to be a customer for longer than six months before taking out another of their products – this is the case for Luma and Capital One.
The length of time varies, so check the terms and conditions on the credit card provider’s application page if you are not sure.
In the case of some credit card providers, the issue of being a customer for a short period is not necessarily an issue, but you will likely not be eligible for any introductory offers. So you should think about why you’re applying for another credit card.
It’s also worth noting that issuers, such as American Express (who have licences on other credit card providers’ brands), may also create some restrictions of their own.
For example, a Lloyds credit card with an American Express licence, which gives you, say, Avios points on shopping may restrict you from getting the introductory offers on any other American Express credit card.
Applying for too many credit cards in a short space of time can also affect your credit score.
If you’re in doubt about your credit history, you can find out how to check your credit report and score here.
You can identify different credit card companies by the first numbers on the credit card.
Cards starting with the number 3 are American Express
Cards starting with the number 4 are American Express
Cards starting with the number 5 are American Express
Credit cards can be a great benefit to you if used correctly. There are many positives associated with using a credit card. However, it's important to note that if not used correctly they can have a damaging effect to your credit score, create debt.
Pros of using a credit card
Credit cards can offer you protection on your purchases with Section 75
Improve your credit score, by making regular monthly payments and not missing any
Manage your spend by paying for expensive items when needed, to be able to balance your spending, especially if you have a 0% interest rate
Many credit cards offer great rewards, meaning anytime you use them you are likely to reap the rewards
Cons of using a credit card
After any introductory rates, interests rates can be very high
Can lead to debt, if not used correctly and minimum payments aren't made
Too many credit card applications can hurt your credit score