Choosing a Credit Card Issuer

Choosing a Credit Card Issuer

Choosing a Credit Card Issuer

There are numerous credit card issuers in the world today. It is difficult to say that one is the absolute best. The credit card issuer you choose has to be right for you and you'll want to find which issuer is best for you based upon what you are looking for in a credit card.

One option is to look at the really well known card issuers. Chase jumps to mind. If you have a poor credit rating you may want to consider Orchard Bank. Bank of America has a broad line of credit card products but these products tend to carry higher interest rates than Chase bank. If you have good to excellent credit Chase may give you the most competitive interest rate of any issuer in the United States. American Express also has a variety of credit cards however, currently their interest rates do not match the low rates offered by Chase. You may also want to review products from Discover Bank as well.

Some card issuers specialize in offering business credit cards which may be of interest and more suitable to you if you run a business and need a credit card. You could look at some international banks that have a lesser known brand in America meaning that they have to offer competitive deals to get customers but you can still trust them as they may be known and established brands in their home markets. HSBC is a big international bank. It is based in the UK and they have a good range of cards for those with average to excellent credit ratings. They offer competitively low interest rates and balance transfers are available on most cards.

If you do have a low credit rating or none at all then the options to you may be quite limited but there are options. Interest rates will reflect the risk that card issuers think you are but a credit card can actually help you rebuild your credit score and some issuers such as Orchard Bank have cards where your payments are reported monthly to credit rating agencies to get your score improving more quickly. Orchard Bank is actually a subsidiary of HSBC.

The type of card you want may be directly influenced by the options available to you. Of course so you may want to go to a credit card comparison site where you can discover your options and compare the best rates, features, and bonuses. Many people will opt for a 0% introductory rate, perhaps hoping to use it and pay it off before having to pay more, only certain companies offer this of course. If you want a 0% introductory rate you may have to pay more long term whereas some cards have no introductory rate but have a rate that starts low and stays low which may be better long term. You may also be looking to combine a low interest rate with a balance transfer option especially if you are currently on a high interest rate with your existing card. So as a starting point, begin with Chase if you have good to excellent credit and are interest in the lowest interest rates, and a wide variety of rewards such as cash back. Look to Discover if you excellent credit and are looking for a great rewards program. Consider Orchard Bank if you have less than perfect credit or no credit. Here you can build and/or repair your credit with regular monthly on-time payments.

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