The Fit Credit Card is issued by The Bank of Missouri.
While the card is serviced by Continental Finance, a company that specializes in credit cards for consumers with limited, fair, or bad credit (FICO scores typically ranging from 300-689), The Bank of Missouri acts as the financial institution that extends the credit line and manages the core banking aspects of the card.
Understanding Roles: Issuing Bank vs. Servicer
It's common in the credit card industry for different entities to handle various functions of a credit card product. This division of labor allows companies to focus on their specific strengths.
- Issuing Bank: This is the financial institution responsible for providing the credit. They underwrite the loans, manage the credit accounts, and are ultimately responsible for the funds extended to cardholders. The Bank of Missouri fulfills this role for the Fit Mastercard.
- Servicer: A servicer, such as Continental Finance, manages the operational aspects of the credit card program. This includes customer service, payment processing, marketing, and collections. They work on behalf of the issuing bank to ensure a smooth experience for the cardholder.
Continental Finance's portfolio includes multiple cards designed to help individuals build or rebuild their credit. For instance, both the Fit Mastercard and the Cerulean Mastercard are serviced by Continental Finance, with The Bank of Missouri serving as the issuing bank for both.
Key Entities Involved with the Fit Credit Card
To clarify the relationship between the different organizations, consider the following breakdown:
| Entity | Role |
|---|---|
| The Bank of Missouri | The issuing bank for the Fit Mastercard. They extend the credit line and manage the cardholder's financial account. |
| Continental Finance | The servicer for the Fit Mastercard. They handle customer service, marketing, payment processing, and other operational aspects for the cardholders. |
This collaborative model enables Continental Finance to offer credit solutions to a specific consumer segment, while The Bank of Missouri manages the underlying financial and regulatory responsibilities associated with issuing credit.
For more detailed information on credit cards offered by Continental Finance, you can explore resources like NerdWallet's insights on Continental Finance cards.
