Word: mastercards
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Dates: during 1980-1989
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Rogers used to sell maybe 20 lobsters a day and now serves 50 or 60. The tourist season has stretched from three months to six months, the crowds thinning somewhat in fall but not the cash flow. He diagrams his business with a salt shaker (Mastercard) and a pepper shaker (American Express). He switches the salt and pepper to represent the change after Labor Day. Family people in summer use Mastercard, older people in fall use American Express, "and they spend more, so I tend to believe people using American Express have more to spend." Rogers loves all the business...
Manufacturers Hanover Trust, the fourth largest U.S. bank, last week became the first major lender in four years to lower its credit-card rate. The New York institution trimmed the charge from 19.8% to 17.8% for Visa and MasterCard accounts and other revolving credit lines. "We saw it as a significant marketing opportunity," said Edward Miller, executive vice president for retail banking. The bank hopes to woo customers from its rivals with the lower rate...
Borrowing has become so easy, however, that it can take great willpower to resist. Perhaps the biggest lures are the credit cards that companies are so eager to hand out. "We've got this frenzy of gold MasterCard and gold Visa card offers in the mail during the past two months," says Cynthia Barnes, 28, a computer engineer at AT&T Bell Laboratories in suburban Chicago. "We got three of them in one day last week." The proliferation of plastic astonishes even bankers. Says John Godfrey, senior vice president and chief economist of Jacksonville-based Barnett Banks of Florida...
French banks and credit-card issuers plan to switch completely to smart cards by 1988. In the U.S., MasterCard will launch the first smart-card experiment this fall by giving out about 100,000 of them in Columbia, Md., and Palm Beach, Fla. If that pilot program goes well, MasterCard may begin national distribution as early...
Mulroney and Turner differed so little on the issues that New Democratic Party Leader Edward Broadbent dubbed them "MasterCard and Visa." Both candidates, for example, pledged to cut the government's deficit of $23 billion and increase defense spending. At times the only real squabble between them seemed to be how many promises Mulroney had made; by Turner's count, the Tory had made 338. One Liberal TV ad featured a shopping cart crammed with packages at a cash register; the items were labeled "Tory promises," but none carried prices...