101. What kinds of credit cards are there?
Description
This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.
101. What kinds of credit cards are there?
- "bank cards," issued by banks: Visa, MasterCard, and Discover;
- "travel and entertainment (T&E) cards" like American Express and
Diners Club;
- "house cards" that are good only at the stores of one chain.
Sears is the biggest one of these, followed by the oil companies
and phone companies and on down to your local department store.
T&E cards and national house cards like Sears have the same terms
and conditions wherever you apply.
Bank cards are issued by the bank you apply to, which is why terms
and fees vary widely among banks. However, MasterCard International
and Visa U.S.A. Inc. do establish minimum standards and rules.
Bank cards have some subspecies, described below.
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