104. Why does my neighbor's MasterCard or Visa have different rates and fees from mine?
Description
This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.
104. Why does my neighbor's MasterCard or Visa have different rates and fees from mine?
MasterCard and Visa rates are set independently by the banks that
issue them. In fact, a given bank may offer several different rate
and fee schedules. Sometimes you can pick which one you want; other
times the bank will offer you a single set of terms with no option,
even though it offers another customer a different set of terms.
That's why it's worth shopping around rather than just applying for
"a MasterCard" or "a Visa." See section 2, "Good deals, bad deals."
This is not true of the T&E cards. One American Express green card
is like all other American Express green cards in the country.
(Corporate AmEx cards may vary from individual ones.)
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