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>it seems every store has its own credit card. Fyi, vast majority of those are co-branded cards which means they are underwritten by a bank. Examples: - Amaz
by jasode 5y ago
>it seems every store has its own credit card.
Fyi, vast majority of those are co-branded cards which means they are underwritten by a bank. Examples:
- Amazon VISA card is underwritten by Chase Bank
- Costco VISA card is underwritten by Citi Bank
If you look closely on the Pep Boys card, you'll see who the bank issuer is.
It's different from the old days of mom&pop grocery stores running their own ledger of customer accounts. The grocery store was the actual lender of credit. With co-branded credit cards, it's the bank and not the retailer that's lending money for customers to buy merchandise.
- lotsofpulp 5y agoAnother popular one people do not expect is Apple credit card’s bank is Goldman Sachs.
- kayodelycaon 5y agoApple doesn’t hide they partnered with Goldman Sachs. https://www.apple.com/newsroom/2021/08/apple-card-and-goldman-ranked-highest-in-customer-satisfaction-in-jd-power-study/ https://www.apple.com/newsroom/2021/08/apple-card-and-goldma...
- judge2020 5y agoIt also explicitly shows up in credit reports as "GS BANK". Had to explain that to a few friends that didn't look too closely into how Apple Card worked or the fine print of their credit line.
- brendoelfrendo 5y agoThe physical card even has "Goldman Sachs" laser etched on the back.
- kristjansson 5y agoIt’s pretty prominently branded on the physical card.