Should you Get a Credit Card from Big Banks?
For years, money experts have consistently warned against doing business with the big banks. The laundry list of problems with them is extensive, including poor customer service, bad interest rates on savings, costly monthly account fees, and excessive product service charges. That’s why money experts generally recommend, if possible, opting for a credit union or an online bank to meet your savings and day-to-day banking needs.
Why is it OK With Using Credit Cards from Big Banks
Despite our dislike for big banks, we believe here at Wall Street Logic that you should consider their credit card offers. Big banks often provide rewards programs, welcome bonus offers, 0% intro APR periods, and bonus points for spending, making their credit cards a potentially beneficial option for your wallet.
We are not as worried about people having a credit card with one of the giant, monster mega-banks as we are with having a checking account. Credit cards tend to be more straightforward. If the rewards are great, then you don’t want to miss those rewards!
Credit card fees and benefits are typically regulated and clearly defined before you start the relationship with the bank, reducing the risk of surprises. As long as you pay your bill in full each month, you should be in good shape regardless of which bank is backing the card.
Consumers generally hold credit cards from big banks for their rewards, but personal financial pundits do not usually recommend using them for checking, savings, or investment accounts. By maintaining a credit card relationship only with big banks, you can enjoy the perks without exposing yourself to their drawbacks.
