Word: bankcard
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Dates: during 1990-1999
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...amount of each purchase that a customer makes. Throw in late fees, or in GE's case early fees, and margins might be enhanced further. "Banks earn more from credit cards than from any other business, even with all the delinquencies and losses," says Ruth Susswein, executive director of Bankcard Holders of America, a Virginia-based consumer group. "Even if you pay no annual fee, they still make money off merchants...
...entering the business, and the result is some welcome relief for the consumer. Card issuers are changing the rules as they go, cutting prices, waiving fees and offering an inventive array of new services. "The heat is on in the credit-card industry," says Robert McKinley, publisher of Bankcard Update, an industry newsletter. "Nonbanks are finally putting pressure on the banks to lower their rates...
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