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Bank credit card

Bank credit card are the basic idea primarily focused on consumer lending. Such credit cards are usually equipped with a revolving loan, where the issuing bank calculated lending rates for the amount which is not covered within a specified period. Contractors there were at first only in the local or regional area of the issuing bank.

The Franklin National Bank of Rockville Center remained with their bank credit card not long alone. Many banks which followed at that time even more than now-fragmented banking landscape. in 1958 the Bank joined BofA card charge the Chase Manhattan Bank with its BankAmericard and 1959 with their bank. in 1968, every tenth U.S. Bank had a credit card program run, but acceptance area was spatially limited unsatisfactory. An extension of the validity of the bank credit card were for the time being national, later international – achieved with multiple interchange agreement – which finally the MasterCard and visa organizations have developed.

After in the United States, the mass shipping of credit cards by mail without checking the creditworthiness of the addressees had brought the trustworthiness of cashless payments in disrepute, the Government between the years introduced in 1968 and 1974 several laws, should curb the sprawl, not least, the many cases of fraud. [4] were in a central function the truth in Lending Act (1968) and the fair credit reporting Act (1970) to; both schemes committed to more transparency in the allocation and handling of credit card banks.

The MasterCard is one of the two major bank credit card, was at the beginning of 1966 the merger of several regional US bank credit card associations to the interbank card association. As a result, a large number of banks from all over the country joined. But also a rapid internationalization followed. As early as 1968 so the card issuance and acceptance in Europe, was ensured through a cooperation agreement with Eurocard international, a company of European banks. 1981 in MasterCard International renamed this credit card system is represented – in Europe on the basis of an alliance agreement by Europay International, the successor of EUROCARD International today on all continents.

The Visa credit card has its origins in the BankAmericard, which for the first time in 1958, BofA was issued by the Bank. From 1966 onwards, these license contracts awarded to other banks in the United States and other countries. in 1970 the credit card was independent nationally and internationally in 1974 under the name of Ibanco, whereby all member banks were represented. 1977 Ibanco took the name visa for all cards and activities.

Both MasterCard International and Visa International are now no pure bank credit card organizations more, but are also debit cards (Maestro/MasterMoney/MasterCard electronic or interlink/VisaCheck/Visa Electron/plus/V-PAY) and ATMs (Cirrus/plus) active.

To the credit card companies with global standards, the JCB card was added relatively late. in 1981, this active until then only in Japan credit card organization with more than 4 million credit cards and over 300,000 contract partners international decided to act. in 1982, JCB began the contract partner network to expand gradually outside of Japan. The first parties were – acquired following the Japanese tourists – in Singapore, Hong Kong, Taiwan, and Hawaii. Then cards output activities – were used in particular in the countries in part with partner banks -, where many Japanese live. Today JCB is represented everywhere in the world, in most countries but only for such Contracting Parties, where relatively common Japanese customers make payments.