Are All Credit Card Banks Created Equal?
Contributed by Victoria Knox
What credit card bank issued your card?
If you have a credit card, you are doing business with a credit card bank, or similar financial lender. Even reward and affinity cards such as airline and rebate cards are issued by banks. Airlines don't loan money and issue credit, banks do. Not all credit card banks offer the same deal when it comes to credit cards. Some cards have no annual fees and low rates, while others offer airline miles or cash back but do charge an annual fee.
Which credit card banks are best?
If you are looking for a no-frills card with no annual fee and a low interest rate, the first place to look is your local bank. If you have a checking or savings account with a bank and you are a customer in good standing, there's a good chance that bank will issue you a credit card. If you want rewards or a bank credit card affiliated with a certain group (like a charity or alumni association), check out the heavy hitters in the credit card game.
These are banks that do most of their business by offering credit cards, and don't necessarily have physical branches you can visit. MBNA, and Bank One are good places to start. Both sponsor many reward and affinity cards, so there are plenty to choose from. If you have a specific affinity group in mind, check that group's website. If there is a credit card available, it will usually be advertised on the site.
