Credit Card

 
A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1.

CONTENTS

• Chapter 1 - Credit Cards
• Chapter 2 - Choosing A Credit Card
• Chapter 3 - Credit card associations

» VIEW COMPLETE TABLE OF CONTENTS «

Credit Card

1.11. Credit cards in ATMs

 
Many credit cards can also be used in an ATM to withdraw money against the credit limit extended to the card, but many card issuers charge interest on cash advances before they do so on purchases. The interest on cash advances is commonly charged from the date the withdrawal is made, rather than the monthly billing date. Many card issuers levy a commission for cash withdrawals, even if the ATM belongs to the same bank as the card issuer. Merchants do not offer cashback on credit card transactions because they would pay a percentage commission of the additional cash amount to their bank or merchant services provider, thereby making it uneconomical.

Many credit card companies will also, when applying payments to a card, do so at the end of a billing cycle, and apply those payments to everything before cash advances. For this reason, many consumers have large cash balances, which have no grace period and incur interest at a rate that is (usually) higher than the purchase rate, and will carry those balance for years, even if they pay off their statement balance each month.

Source: wikipedia.org

1.11. Credit cards in ATMs

3.5.3. Shareholders

 
Based on an SEC filing (DEF 14A) on April 24, 2008, MasterCard's largest current shareholders are:

(Class A Stock)
1.   15.6% - The Mastercard Foundation
2.   13.6% - Marsico Capital Management, LLC
3.   8.9% - Atticus Capital, LP
4.   5.1% - FMR Corp.

(Class M Stock)
1.   9.5% - Citigroup, Inc.
2.   8.5% - JP Morgan Chase & Co.
3.   5.1% - HSBC Holdings, LLC
4.   5.1% - Bank of America Corp.

(See Yahoo! Finance for updated data.)

3.5.3. Shareholders

3.5.4. IPO

 
The company, which had been organized as a cooperative of banks, had an initial public offering on May 25, 2006 at $39.00 USD. The stock is traded on the NYSE under the symbol MA.

3.5.4. IPO