Word: mastercard
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Dates: during 1980-1989
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...subleased an old cruiser from the Iranian navy and plan to stock it with cold kegs of beer. Then, when we spot a warship, we'll cruise right in front of it and drop these kegs off the stern. The sailors on the warship will then radio us their Mastercard or Visa numbers and scoop up the kegs. It's sure to be a moneymaker...
...made bold strokes before during his meteoric rise at Citicorp. As an executive vice president, for example, he led the bank into the computer era, field marshaling the firm's early entry into the area of teller automation and then directing Citicorp's heavy involvement with Visa and MasterCard credit cards. When it came to making a convincing move last week, Reed reached for a large number. Said he: "Obviously it's a judgment call. Any number with nine zeros can only be approximate. We're clearly costing stockholders a year's earnings...
...left them largely unaffected, local officials cite a Chinese maxim: "The mountains are high, and the emperor is far away." Even in the capital the pace of change seems unabated. The Bank of China last week agreed to link its Great Wall credit card with New York-based MasterCard International operations. The move came just two weeks after the Chinese bank said it would issue Visa International cards later this year...
Another irritation for some consumers is that banks are changing the rules about interest payments. Traditionally, for example, Visa and MasterCard holders have had 30 days in which to pay their bills in full before finance charges began. Now, however, dozens of banks have started to charge interest as soon as purchases are made...
...competition in the credit-card business intensifies, many lenders are blatantly trying to lure customers from rivals. People's Bank of Connecticut, which charges an unusually low 11.5% interest on its MasterCard, will lend people the money they need to pay off other credit-card balances and switch to its card. Buffalo-based Empire of America bank now offers its customers a novel choice. They can pay 18% interest on purchases with a Visa Classic card and enjoy the traditional 30-day grace period, or they can pay just 13.7% on a Visa Lite and tote up interest from...