- Centurion Member
- Posts: 416
- Joined: Sat Apr 26, 2008 9:12 pm
- Location: the edge of the world
The credit card division of banks has been the one profitable division during this credit crunch. In turn, many of the bank conglomerates have upped their credit card interest rates in order to pick up the slack from their other divisions which are under-performing.
This is why I do not prefer to use credit cards issued by diversified banks such as Bank of America, Citi, which have consumer banking, commercial banking, mortgages, credit cards, investment banking, and so forth all under one roof. For your credit card it is better to stick with either American Express or Discover since almost all of their revenue is derived from credit cards, they do not need to squeeze customers in order to cover other divisions.