There will be 2 credit cards. One will be for customers that have a checking account with FSP Bank, and the other for customers without a relationship. You would see the rationale to this as you continue to read this page. Banking customers will get a Mastercard, and non-banking customers will get a Visa.
Non-Checking Customers
Such customers will receive a Visa card. Their credit limit will depend based on the application process, and the account will be determined every 6 months for an increase in credit line. Also, during this time, there will also be a valuation for interest rate changes. Simply put, there is nothing fancy about this card. Poor Credit Scores might have to put a security deposit to assure that some of the money will be recovered. However, beyond the valuation every 6 months, there is nothing else about this card.
Checking Customers
Checking customers will continue to use their Mastercard debit card as a credit card. This is to reduce demands of various cards. Any transaction that requires a PIN will be a debit transaction. This will mean the customer can still use their Mastercard to withdraw money out of an ATM, or handle business with anyone supporting debit card transactions. All other transactions are considered as a credit transaction, and will apply to the credit limit. If the customer runs out of credit, then the transaction will come out of the checking account. If there are not enough funds in the checking account, then the transaction will get declined.