Bank Credit Cards

Written by Kathleen Gagne
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Some of the best credit cards in the world are those you can get from your local bank. Of course, "local" banks are often simply branches of worldwide organizations that offer the buying power and efficiency we want. Getting your credit card from your local bank offers some unique advantages, especially if you've been a long-time customer.

For example, it's easier to offer low interest credit cards to those who have money in savings and checking accounts and whose faces are familiar than it is to take a chance solely on the basis of a credit report. Banking and credit cards are all about relationships. You want the best interest rate, fee schedule, and options you can get, and the bank wants reassurance that they will be able to collect what you owe them. Consider what they already know about you.

Applying for Bank Credit Cards

They know your average balance in your savings account. They also know how much you regularly deposit into your checking account and where it comes from. They may even know whether you pay your mortgage on time every month. They will still run a credit report on you when you ask for a credit card, but they may be more likely to give you the card even if your credit is not perfect because they know you.

On the other hand, they may know you so well that they offer you credit cards every time you walk in the lobby door. If you're looking for a credit card, it's probably a good idea to hear what they have to say. You may get better rates and more options locally, but, as always, you should compare rates and fees before you select any credit card.

Major Bank Credit Cards

You will probably recognize the names of some of the major bank credit cards you can get. Names like Chase, Citi, and Wachovia Bank are familiar to millions who carry their cards. Most of them carry a wide variety of cards and include cards designed for everyone from those who have no credit or bad credit to those whose credit histories are impeccable. Conveniently, all of these bank credit cards are available on the Internet.

If you're looking for a credit card that won't cost you an arm and a leg, the Internet is one of the best places to look. Card applications are sorted by type, such as MasterCard and Visa. Cards are also sorted by credit score with most banks clearly defining those cards that are designed for persons with bad credit or no credit and those for persons with excellent credit.

Why Major Banks Offer Cards to Credit Risks

There are millions of people whose credit has been ruined by events beyond their control. For example, a medical crisis can take a family from sound credit to very bad credit. The loss of a job can mean the loss of credit stability. Even natural disasters can have an impact on a person's credit, and it can take years to rebuild credit once it is lost.

Banks offer credit to these people because they have analyzed the risks and have determined that the level of risk is acceptable. The credit cards they offer come with higher interest rates and a long list of fees including monthly fees, annual fees, origination fees, and late fees. While the cost of the credit may be high, it may also be the only way some people who have suffered financial loss may be able to reestablish good credit. The higher fees are often required up front or on a monthly basis that helps the banks recoup their losses should the customer not repay what they he or she has charged.

Bank Credit Cards--the Choice

There are a lot of reasons to get a credit card from your local bank, especially if you have excellent or good credit. On the other hand, getting a bank credit card from a major bank, even if it costs you more money, can also be a good move, especially if you are in a situation where you need to repair your credit. In the long run, if you fall into the category of poor or no credit, an online bank credit card may be your best option.


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