What are the significant credit card companies that license products to lenders?
What's a Master Credit Card Lender List? Well, it's a listing of all of the lenders, banks and other financial institutions which provide credit services. These financial institutions are known as lenders because they extend credit to people based on their credit worthiness. They do not simply approve you and give you money. They play an essential job in our market - lending credit. Lenders use a complex system to estimate risk and to ascertain that a borrower's financial security.
Some of the services provided by financial institutions include: approving credit programs, offering credit, expanding credit, and collecting loan obligations. The lending businesses are usually categorized as banks or credit card issuers. Banks may either issue credit cards or provide them to their clients. They need to comply with government regulations and policies regarding credit issues and are subject to rules and laws regulating banking and securities.
Credit card issuers are the issuers of these cards and they also sell them to cardholders. The issuer can also be responsible for assessing risk. Should you apply for a credit card and you are rejected; it's the issuer who needs to pay back your rejection to you. Many states have legislation requiring card issuers to allow individuals the right to ask an extra credit check from a different company that would eliminate the need to get a credit check from the first issuer.
The benefits of having a Master Credit Card are you do not have to carry money, so there is less prospect of lost or stolen cards. If you present your card at the time of purchase, the retailer deducts his fee out of your balance which then reduces your available credit and you are presented with another Master Credit Card. This card carries a lower rate of interest than many other credit cards and usually has a one or two year grace period where you do not have to pay any attention. These types of cards are great to have if you want to rebuild your credit rating and can prove that you make payments on time.