How Does an In-House Credit Card Work?

Video Transcript

"This is financial adviser, Patrick Munro talking about how does an in house credit card work? An in house credit card is a private label credit card designed by a company tied to a bank and it is a way to provide a private label credit card for the benefit of those customers that are coming to do business at the bank. Normally the vendor who has a private label credit card still must fill out an application at the store level and submit it to the bank for approval and once that is done the bank will issue a credit card but it will have the logo of the department store on the front of it as opposed to the actual bank identifier. That will be on the back of the card. It is a great way for stores and private businesses indeed sometimes, restaurants and clubs to have their own credit card for the benefit of the members that do shop there at their facility. This is Patrick Munro talking about the benefits of in house credit cards."