Standard Credit cards are not the only ones available out there.The others available are:
Private Label Credit:
This is a Retail Revolving Credit managed for a retailer and independent dealer/manufacturer by bank or commercial finance company, or self Retail Revolving Credit managed by the retailer/dealer/manufacturer. If managed by a bank or commercial finance company, they would issue the cards, fund the credit receivables, and collect the payments from cardholders. Approval policy and Credit benchmarks are set by agreement between the retailer and the servicing firm. With the private label credit program, a retailer is able to offer his customers extended payment terms, resulting in an increase in sales and AR turnover. Private label credit cards help build customer loyalty and retailers can target marketing promotions to their preferred customers. The Private label credit card do not carry major payment technology companies like Visa or Master Card.
CO-Branded Credit Card:
This is a Visa or Master Credit Card and jointly sponsored by a bank and a retail merchant. Co-Branded cards can be issued at a lower cost than private label cards, and this gives the banks access to new customers. The Retail Merchant on their end can give incentives to the cardholders. They differ from the Private cards, as the Co-Branded credit card can also be used at other merchants.
This is a credit card promoted under a sponsoring agreement between an organization and the bank issuing the card. The sponsoring organization will share its membership list,and in return receive certain compensation from the issuing bank. Theses are offered by universities, schools, sport teams, professional organizations, non-profit organizations and other membership-based groups, that rely on these programs for incremental revenue.
Fleet Card/Fuel Card:
This is a credit card that allows businesses to manage expenses associated with the vehicles that they own and operate. These cards are attached to the vehicle/employee and are mainly used to pay for the fuel, repair, and maintenance of vehicles. These cards give your employees the confidence and convenience of being financially covered on the road, and ensure your management teams have the information and access they need to enhance your vehicle-related operations. A couple of advantages of this card are that you can negotiate a lower rate with the fuel consumption captured as part of the card usage, and you can control expense limits on the card in real time.
If you are a retail organization and looking to setup one of above programs, please contact firstname.lastname@example.org to assist you in selecting the right vendor.
If you are a bank or commercial financial company looking to offer one of the above programs in your offering, please contact email@example.com.