Word: traveler
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Dates: during 1960-1969
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CREDIT Venturesome Trip For a number of years after the Diners' Club was founded in 1950, it reigned as the leader in the fledgling credit-card business - only to lose the title when American Express Co., a giant in the travel-services field, came out with an all-purpose card...
Undaunted, the Diners' Club is now broadening the competition with its bigger rival by moving directly into the travel business itself...
...ambitious venture. In 1966 the Diners' Club started an automobile club-style travel information service, the Wayfarers Club, whose membership has grown steadily to more than 90,000. It later acquired a small, Mississippi-based travel service, now called Reservations World, which is being expanded to pro vide tourists and travel agents with com puterized, one-stop reservation-processing for worldwide hotel and transportation accommodations. Last fall, in the biggest undertaking of all, the Diners' Club paid out $5,000,000 to acquire Fugazy Travel Bureau, the third largest travel agency in the U.S., after Amer ican Express...
Today, the Diners' Club is flourishing along with the rest of the credit-card industry. With annual billings of $700 million, it stands behind American Express (over $1 billion) and ahead of third-ranking Carte Blanche ($135 million) among so-called "travel and entertainment" card systems. Also stepping up the nation's credit-card spree are banking institutions, led by California's Bank of America, whose highly successful BankAmericard enjoys annual billings of $458.9 million. For all the competition, the Diners' Club achieved profits during fiscal 1967 of $2,500,000, a 21% increase over...
...burgeoning travel business that shapes up as the most lucrative sideline. Bloomingdale is especially enthusiastic about his newly named Diners/ Fugazy subsidiary, which has 75 offices around the world. Surveying the $60 billion-a-year travel industry as a whole, he is understandably unhappy about the Johnson Administration's proposals to tax overseas travel; nonetheless, he envisions great growth in the future. ."It stretches the imagination," says the man from the Diners' Club, "to try to conceive of what the travel business can become...