Word: mastercards
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...being delivered by many issuers. Faced with soaring delinquencies and smarter consumers in a glutted $700 billion marketplace, lenders are suddenly jacking up interest rates, slapping on new fees and pulling back benefits. In September, GE Capital, the finance arm of General Electric, warned holders of its GE Rewards MasterCard to expect a $25 annual penalty unless they racked up some interest-bearing debt. Two weeks later General Motors chopped in half the discounts that holders of its gold cards can get when purchasing new GM cars and trucks...
Such problems notwithstanding, countless credit-card wannabes continue to crowd into the field. Next week Wal-Mart and Chase Manhattan Bank will roll out a no-frills MasterCard with no annual fee and an annual interest rate of 14.48%. "We found that people really don't care that much about special promotions," says Keith Morris, a spokesman for the largest U.S. retailer. "They want a card with a fixed low-interest rate that won't go up after 60 or 90 days." But Wal-Mart is baiting its hook with a 9.9% teaser rate to encourage holders of other cards...
...reach for millions of people in the developing world, as well as for large numbers of underinsured patients in the industrial world. Tens of thousands of Americans are scrambling to pay for the drugs any way they can--through private insurance policies, Medicaid payments, sometimes even Visa and MasterCard. One resourceful patient in Georgia collected drugs from the leftover supplies of deceased friends...
...answers, to all of the above questions, are as follows: Yes. Yes. And you bet your Mastercard or Visa...
...have a bank card, a business card and way too many credit cards. Do you still have one card too few? Visa, MasterCard, Citibank and Chase Manhattan all think so. This fall New York City will thrill to the roll-out of cash cards, the latest salvo in the banking and credit-card industries' eternal search to replace currency with plastic. Despite promises of a cashless society, 85% of everyday transactions are in cash or checks, which generate little income for banks...