Word: mastercards
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Dates: during 1990-1999
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...cash to try it? Rather than saving up for a plane ticket to Grand Cayman, check out a new online bank opening its virtual doors this week. Sicherheit und Privat (Security and Privacy) is an Austrian bank that offers encrypted communications, digital cash transactions and a privacy-protected MasterCard for a minimum deposit of $1,000 (as opposed to $10K to $50K in a typical Swiss bank). Could be just the thing for low rollers trying to hide cash from a spouse's divorce lawyers...
...FAFSA. Moreover, counting in those "aid" packages Knowles lauds are of course the unsubsidized loans, all 100 percent repayable (with interest). These loans are fully funded by the federal government and they are available to any student at any accredited institution. If outside loans really constitute aid, Mastercard and Visa are some of the biggest suppliers of student aid today...
...must have taken particular delight last month when AT&T Corp. announced that it was selling its Universal credit-card business to Citibank. AT&T's no-annual-fee entry into the credit-card game in 1990 made this industry universally ugly, particularly for Amex. With free Visa and MasterCard bank cards bulging their wallets, consumers were increasingly leaving home without American Express plastic. Instead of paying membership fees for cards that many merchants refused to honor--since American Express took a heavy bite out of purchases--more than 2 million Amex holders cut up their cards in the early...
Golub's most ambitious plan so far remains only a gleam in his eye. He wants to transform the credit-card business by plugging U.S. banks into the American Express network and thereby enabling the lenders to issue Amex credit cards. That's the last thing Visa and MasterCard want to see happen, and they've stymied Golub with bylaws that prevent their U.S. bank partners from offering other cards. Golub may get some help from the Justice Department, which is reportedly investigating the competitive behavior of the two big credit-card associations...
...trend gained momentum last September when GE Capital, the finance arm of General Electric, announced it would slap a $25 annual penalty on holders of its GE Rewards MasterCard who did not accrue interest-bearing debt. Since then, issuers have come up with a slew of punitive measures--er, fees--that squeeze responsible cardholders as well as slackers. Just two years ago, no company charged a late fee of more than $18; today almost half do. Even grace periods are shrinking from the average 25 to 30 days to 20 days, which means some customers could get hit with...