Word: mastercards
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...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...
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...