topic Re: Bankcards v Retail cards in Credit Cards

Bankcards v Retail cards

Reighn9 — Mon, 10 Apr 2017 21:49:09 GMT

Transunion is always posting Bankcard balances and Retail Card balances. What is considered a Bankcard? I know it's a card with Visa, MC, AMEX or Discover logo but what if it is also a store card like a Sears MC, Target Visa or MC, or a Hotel Branded card like HHONORS Visa? Do Retail Cards have to be a stand alone store card without the Visa/MC logo and are the "retail store"cards that have the Visa/MC logo counted in both categories? What category do gas card fall under? I've seen some gas cards carry a Visa/MC logo too.

Re: Bankcards v Retail cards

austinguy907 — Mon, 10 Apr 2017 22:09:38 GMT

It should be pretty simple. If the lender is the name on the card then that's a bankcard and if there's a store name w/ or w/o V/MC on it then it's still a retail card. I wouldn't put much into anything they're posting though for scoring classifications. FICO does its own thing and TU is probably spitting out a Vantage score or some internal TU score.

Re: Bankcards v Retail cards

sarge12 — Mon, 10 Apr 2017 22:18:22 GMT

@austinguy907 wrote:
It should be pretty simple. If the lender is the name on the card then that's a bankcard and if there's a store name w/ or w/o V/MC on it then it's still a retail card. I wouldn't put much into anything they're posting though for scoring classifications. FICO does its own thing and TU is probably spitting out a Vantage score or some internal TU score.

I somewhat disagree...my Chase Amazon Prime Visa is a co-branded card as is my Citi Costco Visa Signature card and neither is considered a retail card. The lender is Chase and Citi Bank...not Costco, or Amazon...amazon does have a retail card with less stringent credit scoring requirements.

Re: Bankcards v Retail cards

Anonymous — Mon, 10 Apr 2017 22:25:13 GMT

Chase and Citi both have their names on those cards

Re: Bankcards v Retail cards

Anonymous — Mon, 10 Apr 2017 22:29:48 GMT

@sarge12 wrote:
@austinguy907 wrote:
It should be pretty simple. If the lender is the name on the card then that's a bankcard and if there's a store name w/ or w/o V/MC on it then it's still a retail card. I wouldn't put much into anything they're posting though for scoring classifications. FICO does its own thing and TU is probably spitting out a Vantage score or some internal TU score.
I somewhat disagree...my Chase Amazon Prime Visa is a co-branded card as is my Citi Costco Visa Signature card and neither is considered a retail card. The lender is Chase and Citi Bank...not Costco, or Amazon...amazon does have a retail card with less stringent credit scoring requirements.

OK, change austinguy907's rule just a little bit, from "If the lender is the name on the card...:" to "If the lender's name is on the card....." so if a bank/CU is mentioned, even along with something else, it's a bankcard, otherwise a store card. So yours mention Chase and Citi, the Amazon Store card doesn't mention the issuer

ETA: OK, now I see the stuff in the original about store name = retail, which is, as you say, wrong.

Re: Bankcards v Retail cards

sarge12 — Mon, 10 Apr 2017 22:58:41 GMT

@Anonymous wrote:
@sarge12 wrote:
@austinguy907 wrote:
It should be pretty simple. If the lender is the name on the card then that's a bankcard and if there's a store name w/ or w/o V/MC on it then it's still a retail card. I wouldn't put much into anything they're posting though for scoring classifications. FICO does its own thing and TU is probably spitting out a Vantage score or some internal TU score.
I somewhat disagree...my Chase Amazon Prime Visa is a co-branded card as is my Citi Costco Visa Signature card and neither is considered a retail card. The lender is Chase and Citi Bank...not Costco, or Amazon...amazon does have a retail card with less stringent credit scoring requirements.
OK, change austinguy907's rule just a little bit, from "If the lender is the name on the card...:" to "If the lender's name is on the card....." so if a bank/CU is mentioned, even along with something else, it's a bankcard, otherwise a store card. So yours mention Chase and Citi, the Amazon Store card doesn't mention the issuer

ETA: OK, now I see the stuff in the original about store name = retail, which is, as you say, wrong.

I suppose he meant if on the front of the card it only has a store name with or without V/MC it is a retail card...probably serviced by Synchrony or Comenity. I just had issues with him stating store name = retail, when the Chase Amazon Prime Visa is not only a bankcard, but one of the most highly sought non-travel premium bankcards on the market. Citi Costco is also highly sought, though I wonder why sometimes...I hate it's reward structure being redeemable only at the end of year and in the store.

Re: Bankcards v Retail cards

Reigh9 — Tue, 11 Apr 2017 01:46:12 GMT

@sarge12 wrote:
@Anonymous wrote:
@sarge12 wrote:
@austinguy907 wrote:
It should be pretty simple. If the lender is the name on the card then that's a bankcard and if there's a store name w/ or w/o V/MC on it then it's still a retail card. I wouldn't put much into anything they're posting though for scoring classifications. FICO does its own thing and TU is probably spitting out a Vantage score or some internal TU score.
I somewhat disagree...my Chase Amazon Prime Visa is a co-branded card as is my Citi Costco Visa Signature card and neither is considered a retail card. The lender is Chase and Citi Bank...not Costco, or Amazon...amazon does have a retail card with less stringent credit scoring requirements.
OK, change austinguy907's rule just a little bit, from "If the lender is the name on the card...:" to "If the lender's name is on the card....." so if a bank/CU is mentioned, even along with something else, it's a bankcard, otherwise a store card. So yours mention Chase and Citi, the Amazon Store card doesn't mention the issuer

ETA: OK, now I see the stuff in the original about store name = retail, which is, as you say, wrong.
I suppose he meant if on the front of the card it only has a store name with or without V/MC it is a retail card...probably serviced by Synchrony or Comenity. I just had issues with him stating store name = retail, when the Chase Amazon Prime Visa is not only a bankcard, but one of the most highly sought non-travel premium bankcards on the market. Citi Costco is also highly sought, though I wonder why sometimes...I hate it's reward structure being redeemable only at the end of year and in the store.

I am not sure my question is getting answered. You are all mentioning the same problem I am having differentiating between the two types. I don't think TU is using a Vantage score or an internal TU score. This comes directly from the MyFico report alerts where TU reports Total Bankcard balance changes and Total Retail Card balance changes. Just like EX and EQ report other changes like new accounts, balance increase or decrease, and utilization. I'm asking because I think TU is duplicating balances across cards. I also agree about the status of the Chase Amazon Prime Visa Signature card.and I'm glad I got it years ago

Re: Bankcards v Retail cards

sarge12 — Tue, 11 Apr 2017 02:11:50 GMT

I do not know how to be more clear...if on the front of the card it has a bank name...Citi, Chase, Barclaycard, etc. or a credit union name it is a bankcard even if it also has a store name. Visa and MC are networks and have nothing to do with wheather they are bankcards or retail. Unless I am mistaken, all airlines cards are bank cards. Also unless there are cards I am unaware of all American Express and Discover cards are bank cards as these two are banks. If on the front of the card it has a store name, gas station etc. such as Sears, Walmart, Nordstrum, Amazon...yes they also have a store card, without a prominintly named bank on the front also, it is a store card. On the back of the card in small letters you will probably see Synchrony, or Comenity, as they handle processing an most store cards by far. Store cards may have the Visa or Mastercard emblems also, as these 2 are not banks, but rather credit card benefit and exchange networks and process the card swipes.

Re: Bankcards v Retail cards

sarge12 — Tue, 11 Apr 2017 02:20:40 GMT

Reigh 9....also you did not get the Chase Amazon Prime Visa Signature card years ago, you may have gotten the Chase Amazon Visa Signature, but the Prime version of that was not even in existence until late last year or early this year. The Chase Amazon Prime Visa is a new offering and all Chase Amazon Visa cards were automaticly converted to the Prime a few months back if and only if you were an Amazon Prime member.

Re: Bankcards v Retail cards

wasCB14 — Tue, 11 Apr 2017 02:34:46 GMT

Whether the issuing bank puts it own logo on the front of the card or not seems kind of arbitrary. I'd be shocked if that has significance on how cards are reported.

Look at Barclaycard's website. Several cobrand V/MC cards have the Barclaycard logo on the front, several don't. I don't see any pattern.

My IHG and Hyatt cards don't say "Chase" on the front.

Edit: What's so fundamentally different between, for example, the L.L. Bean Visa (no logo) and the Apple Visa (yes logo)? Both earn retail gift cards with the cobrand partner and run on the Visa network?

Re: Bankcards v Retail cards

wasCB14 — Tue, 11 Apr 2017 02:48:27 GMT

It would be helpful if someone who has/had a bunch or cobrand Barclaycard products could chime in on how the logo-less ones report.

...and I just dug out some old cards. My old Sallie Mae Rewards 5% MC card lost the Barclaycard logo on the front when they added the chip. I never noticed any change in how it reported.

I'll bet others have their old cards to confirm.

Re: Bankcards v Retail cards

sarge12 — Tue, 11 Apr 2017 02:53:28 GMT

@wasCB14 wrote:
Whether the issuing bank puts it own logo on the front of the card or not seems kind of arbitrary. I'd be shocked if that has significance on how cards are reported.

Look at Barclaycard's website. Several cobrand V/MC cards have the Barclaycard logo on the front, several don't. I don't see any pattern.

My IHG and Hyatt cards don't say "Chase" on the front.

Edit: What's so fundamentally different between, for example, the L.L. Bean Visa (no logo) and the Apple Visa (yes logo)? Both earn retail gift cards with the cobrand partner and run on the Visa network?

But is the issuer of these cards a conventional bank or credit union??? A bankcard is issued by banks, and credit unions, and provide wide ranges of services. Mortgages, Checking, Savings, CD, Auto-loan etc. They have branches that customers can visit. If they are a major full service bank or credit union, their cards are bank cards co-branded or not. Amazon offers 3 cards.Chase Amazon Prime Visa, and Chase Amazon Visa, and Amazon Store card. The first 2 are bank cards issued by Chase. The Amazon store card is a retail card issued by Synchrony.

Re: Bankcards v Retail cards

JimmyWayne — Tue, 11 Apr 2017 05:18:36 GMT

I've always understood it the following way:

Retail cards issued by a bank can only be used at the store (or family of Stores) associated.

Bankcards issued by a bank carry a network logo and can be used at merchants that can accept said network.

Re: Bankcards v Retail cards

HeavenOhio — Tue, 11 Apr 2017 05:46:52 GMT

@wasCB14 wrote:
It would be helpful if someone who has/had a bunch or cobrand Barclaycard products could chime in on how the logo-less ones report.

The LLBean Visa reports as "Barclays Bank Delaware" on all three bureaus. And for what it's worth, the Chase Amazon Visa reports as "Chase Card" on EQ/EX and as "Chase/Bank One Card Serv" on TU.

Re: Bankcards v Retail cards

sarge12 — Tue, 11 Apr 2017 06:03:36 GMT

@HeavenOhio wrote:
@wasCB14 wrote:
It would be helpful if someone who has/had a bunch or cobrand Barclaycard products could chime in on how the logo-less ones report.
The LLBean Visa reports as "Barclays Bank Delaware" on all three bureaus. And for what it's worth, the Chase Amazon Visa reports as "Chase Card" on EQ/EX and as "Chase/Bank One Card Serv" on TU.

I would have thought it difficult to find someone with more than one barclaycard credit card. Most who have 1 know they do not want another. If I had 2 there is no way I would ever admit it.

Re: Bankcards v Retail cards

HeavenOhio — Tue, 11 Apr 2017 07:30:50 GMT

Just to make it clear, I only have the one card.

And I kind of wish I didn't.

Re: Bankcards v Retail cards

sarge12 — Tue, 11 Apr 2017 07:20:54 GMT

@HeavenOhio wrote:
Just to make it clear, I only have the one card.

And I kind if wish I didn't.

Ditto +1000, and I will only use it online....I feel like the waitress or cashier or whatever is thinking he has a barclaycard, he must be a little stupid. Too embarassing!!!