Word: credit-card
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...world's largest financial institution; of pancreatic cancer; in New York City. Witty, widely read and dedicated to hiring minorities and women--he was known to sneak women into management posts by using only their initials in correspondence--he expanded bank branches worldwide and offered diversified services like credit-card lending, mortgage banking and real estate development. But his most popular innovation came in 1977 when Citibank introduced the first network of automated teller machines...
...according to the Center for Economic and Policy Research. In TIME's poll, 66% of those surveyed owed more than $10,000 when they graduated, and 5% owed more than $100,000. (And this says nothing about the credit-card companies that bombard freshmen with offers for cards that students then cheerfully abuse. Demos, a public-policy group, says credit-card debt for Americans 18 to 24 more than doubled from 1992 to 2001.) The longer it takes to pay off those loans, the longer it takes twixters to achieve the financial independence that's crucial to attaining an adult...
...sorts of businesses quickly realized that the cards were cash cows. Now banks, credit-card companies, various financial-services providers and such chains as Starbucks sell branded prepaid cardsnot only at their own outlets but also through grocery stores and shopping malls as well as over the Internet. The newly reopened toy store F.A.O. Schwarz is even offering a $100,000 gift card. Some of the cards include ATM access. Some let holders reload them; others permit transfer of funds to other cards or individuals. In one of the latest incarnations, at last count about 1,000 companies give their...
...management in-house and initiated a risk-management review, while instilling his relentless bottom-line ethic throughout the business. It may take some time for Dimon to deliver the promised $3 billion of annual cost savings from the merger. But by melding his old bank's retail, credit-card and small-business strengths with JPMorgan Chase's investment-banking and asset-management prowess, Dimon has turned what some called Citigroup West into a colossus that can give Citi, as Dimon says, "a run for its money...
...flood of credit-card offers into your mailbox is set to increase following a court decision last week that opened the door for American Express and Discover to pursue your business more aggressively. By opting not to hear the last-possible appeal of an antitrust ruling against MasterCard and Visa, the Supreme Court ended a six-year legal battle over how the two market leaders blocked rivals from partnering with card-issuing banks. American Express announced that it would roll out credit cards with MBNA, and Discover is pursuing new partners too. The change comes at a time when consumers...