With federal regulations limiting the amount banks can charge consumers for certain services, many financial institutions are now offering advantageous credit card deals to those who link their accounts.
As part of a trend that began late last year, banks are now beginning to offer even more significant perks to customers who open a number of different accounts, according to a report from MarketWatch. That includes checking and savings accounts, mortgages and credit cards, and consumers who do link these various accounts may be able to get preferential interest rates and reduced fees for maintaining them.
While this trend, known within the industry as "relationship banking" has existed for years, the financial institutions' heavy incentivizing of it is relatively new, and could be helpful to some consumers who are looking to cut banking costs, the report said.
Another way consumers may be able to pay less for maintaining lines of credit is to check their credit reports. Often, these documents contain unfairly reported marks that may harm their credit scores. This in turn can raise the interest rates they pay on their debts.