Word: visas
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Dates: during 1980-1989
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...credit, on the theory that heavy borrowing has fueled inflationary buying. The Fed immediately issued tough guidelines. Last week banks, department stores and other lenders began setting up rules to stay within the guidelines. Samples from Manhattan's Citibank, the second largest bank in the U.S.: no new Visa or Master Card credit cards; cash advances on existing cards to be limited to $300, vs. a previous maximum of $10,000; minimum monthly payment on bills charged on cards now outstanding raised to $15, from $5. All that will make it more difficult for consumers to borrow to meet...
...reason they were in trouble; another was the $1,200 that they had accumulated in medical bills. Hard pressed for cash, the couple had begun to rely heavily on credit cards late in 1978. "We'd borrow from Diners Club to meet the utility payments and from Visa to pay for groceries," recalls Lynda. Eventually, that house of cards collapsed. Buried under bills and harassed by creditors, the Hobsons turned to an attorney, who sought shelter for them under the recently overhauled federal Bankruptcy Act. The Hobsons paid a $60 filing fee, and soon afterward a judge approved...
...money was on the ropes last week. Big retailers and banks began sharply reducing the borrowing clout of credit-card holders. J.C. Penney stiffened credit requirements, curtailed card promotions and hiked the minimum purchase eligible for time payments from $19 to $200. Banks, which had been deluging customers with Visa and MasterCard (formerly Master Charge) applications, suddenly throttled back the flow of easy credit. New York's Bankers Trust Co. slapped a $500 credit limit on new accounts and froze ceilings on existing credit lines. Chase Manhattan Bank said no to more Visa applications. This week American Express...
...credit-card purchases is 18% on an annual basis for the first $500 and 12% on everything above that. But banks are now paying as much as 19% to borrow the money they lend. Citibank, the nation's second largest financial institution, has threatened to incorporate all its Visa and MasterCard business in South Dakota, where bank cards may charge as much as 24%, unless New York raises the level of interest that can be charged. Chicago's First National Bank is instituting a $20 fee for the previously gratis Visa card. Such fees may enable banks...
...former Canal Zone, is one of the best-equipped medical facilities in Central America. But the Shah had not requested to be admitted there for surgery, nor had he asked to return to the U.S. for treatment. He understood well that Washington would refuse to provide a visa, since his admission to New York Hospital-Cornell Medical Center triggered the militants' seizure of American hostages at the Tehran embassy...