Word: credit-card
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Like most traveling businessmen, insurance agents consider credit cards all but indispensable. Lately, however, agents have been alarmed to find that one of the fastest growing credit-card items is insurance itself. Thirty card systems and charge-account issuers now sell and service simple policies from travel and accident to term life insurance. So far, more than a dozen insurance companies are writing the policies...
First to try the credit-card scheme on a large scale was Los Angeles' Beneficial Insurance Group, which teamed up with the Diners' Club in 1959. After a slow start, Beneficial's card-catered insurance business grew 40% last year; to date, the company has sold 170,000 policies worth $4 billion. Now offered through a dozen more credit issuers, the company's accident policies range from $6,000 to $198,000 at monthly premiums from...
...Credit-Card Service. The sinews of the campaign are a network of neighborhood offices, staffed by federally paid lawyers, in 30 cities. With the new funds, offices will be set up in more than two dozen other communities from Connecticut to Hawaii, and a drive will be launched in 132 U.S. law schools to recruit top students as pleaders for the poor. The biggest single grant ($872,851) will go for 18 additional lawyers and five new offices on the Window Rock Navajo reservation, which spreads over parts of three Southwestern states-and now has only two lawyers...
Badge of Status. Despite the new competition, most card-company executives predict an almost limitless market for credit carding. Bank of America Vice President Kenneth V. Larkin says that only one in every seven families in California now has a credit card, estimates that one out of three-possibly even two out of three-is in a good enough economic position for card ownership. Thomas W. Gormly, senior vice president of the Pittsburgh National Bank, predicts a new era of credit-card merchandising, believes that the U.S. is already a "long step toward a cashless and checkless society." Dags...
Also for Veterinarians. Some 70 U.S. banks now have their own credit cards. The lure: big profits. American Express credit-card sales rose 40% last year to $340 million; Diners' Club rose 28% to $210 million. This rapid growth has, in fact, attracted far more than the banks. Dozens of new credit-card plans, ranging from neighborhood to countrywide, are popping up across the U.S. California's Transamerica Credit Corp. issues cards for individual shopping centers that enable the shopper to gas up her car, buy in a wide variety of shops, eat lunch and have her hair...