Webster Bank Credit Card Comparison: Are They Any Good?

If you live in Connecticut, Rhode Island, Massachusetts, or Westchester County, you might be using Webster for your banking needs. But don’t be so quick to apply for their credit cards. This review explains why.

Who’s really behind their cards in 2013?

Sure, the Webster Bank logo is slapped on the front, but do you think they are the ones who are actively managing your account?

It turns out that a totally different company is the issuer!

Just go to their website and click on a credit card application. You will be prompted with this message (the blue highlight is added by me):

notification on Webster's site

That’s right, you’re dealing with Elan – who according to their website – they have “1700 + active financial institutions partnerships in place” (so in other words, Webster Bank is just 1 out of 1,700+).

You’re dealing with a big credit card company. Is that a bad thing? No. But don’t be fooled into thinking you’re getting small town service like you do at your Webster branch. Elan is huge.

Are you losing by using them?

Elan offers you 4 different flavors of the Webster Bank credit card. Review for yourself and decide.

1. Webster Bank Visa Platinum

  • No rewards program.
  • 0% intro APR offer is only for 12 months (that is significantly shorter that the offers from some other banks which are up to 18 months at 0%). Regular APR is 9.99% to 20.99% (this is average).
  • No annual fee.
  • $50 signup bonus (many cards offer bonuses of $100 or more so this is below-average).

2. Webster Bonus Rewards Visa

  • 1 point per dollar spent. There is a 25% bonus on the amount of points earned each month, which essentially means it’s 1.25 points per dollar.
  • Since 1 point = 1 penny cash back, this card is earning 1.25% cash back. This is actually good for non-category purchases.
  • 0% intro APR for only 6 months. Regular APR is 9.99% to 20.99%
  • No annual fee
  • Visa Signature
  • $25 signup bonus

3. Webster Bonus Rewards PLUS Visa

  • 1 point per dollar, but with a 50% bonus on the points earned. This credit card from Webster Bank is their best for rewards since it’s basically giving 1.5% cash back. But be aware that some others give you even more.
  • 0% intro APR for only 6 months. Regular APR is 9.99% to 20.99%
  • $50 annual fee (please note this is NOT waived for the first year).
  • Visa Signature
  • $50 signup bonus

4. Webster Bank Student Credit Card

  • Must be currently enrolled at a 2 or 4 year college/university to apply.
  • 1 point per dollar, which means this is earning 1%. That’s not bad for a student card, but some earn up to 5% cash back.
  • There is no 0% offer. The interest rate 11.99% to 20.99%.
  • $10 signup bonus (1,000 points, which is worth $10 towards cash back).

5. Webster Bank Secured Credit Card

  • This is for those with bad credit who can’t qualify for their unsecured cards.
  • $35 annual fee (this is a fair deal in line with other top secured cards).
  • 20.99% APR.
  • The minimum security deposit is $300, max is $5,000.

This review was written or last updated July 24, 2013

 
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