Word: mastercards
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Although Diners' Club first issued credit cards in 1950, American Express leaped ahead after introducing its green card in 1958. The firm now has some 14 million pieces of plastic in use, against about 2 million for Diners' Club. Visa and MasterCard, which issue their cards through banks, are far bigger. Each has about 70 million cards in circulation. But Amex insists that its members are more affluent and use their cards more often...
...qualify for regular Visa or MasterCard plastic, a person needs an income of at least $10,000. The standard green American Express plastic calls for an income of about $15,000. The minimum income for the MasterCard prestige card is about $30,000, while Visa's is about $35,000. For an American Express gold card it is approximately...
...annual fee for the gold cards is substantially more than for the regular ones. American Express charges $50 a year for its gold, compared with $35 for the standard green. MasterCard and Visa prices are set by the banks issuing them. The traditional ones are usually about $15, but the upscale ones are at least...
...MasterCard and Visa are counting heavily on that type of consumer reaction. Says Fran Schall, a Visa vice president: "This will be a status symbol for many customers. It will be very important to pull it out at a business lunch, especially when colleagues may not have the same card." Adds MasterCard President Russell E. Hogg: "Recognition is one of the greatest marketing tools in America, and the gold card is recognized as prestige...
While American Express was first into the status credit market, Visa and MasterCard believe that the wider use of their cards will help them win customers from American Express. Each of those cards is accepted by some 3.5 million businesses, while only about 500,000 merchants take the American Express...