Do you find that co-branded cards are useful?
I’ve noticed a fair number of co-branded credit cards coming into the marketplace. Some card companies or banks tie up with retailers while the most common is to tie up with a departmental store. These credit cards operate as normal credit cards but also serve as loyalty cards. I own the Ikea co-branded card but tend to have a problem when making payment. I somehow never make payment to the right card number!
Yes, for some strange reason, Alliance bank assigns 2 credit card numbers to my account even if I only have one card. Its a bit of a bother for me and I’ve made mistakes numerous times. Even when I took my statement to the bank to make payment, the cashier too made a mistake!
But what I’m really wondering about these co-branded cards is whether they perform credit checks. When applying for the regular bank credit cards, the banks will do credit checks before approving or rejecting your application. However, when you apply for a co-branded card there is a 99% chance your application will be approved because I guess its a win-win situation for all. So, if you don’t already have a credit card and want to be sure that you are likely to be approved for one, try a co-branded card.
If you aren’t in Malaysia, you can read this site (http://www.allaboutcredit.net/Bad-No-Credit-Credit-Cards-991378-page.php) to find out more about credit cards that you can apply for even without a credit score. Sometimes, these things are useful to know.