Chapter 2 - Choosing A Credit Card

 
Choosing A Credit Card: The Deal is in the Disclosures

A credit card lets you buy things and pay for them over time. Using a credit card is a form of borrowing: you have to pay the money back.

When you are choosing a credit card, there are many features — and several kinds of cards — to consider: Fees, charges, interest rates, and benefits can vary among credit card issuers. As a result, some credit cards that look like a great deal at first glance may lose their appeal once you read the terms and conditions of use and calculate how the fees could affect your available credit.

CONTENTS

2.1. Credit Card Terms
   Fees
   Transaction Fees and Other Charges
   Annual Percentage Rate
   Grace Period
   Balance Computation Method for the Finance Charge
   Balance Transfer Offers
2.2. Balance Computation Methods
   Average Daily Balance
   Adjusted Balance
   Previous Balance
   Two-cycle or Double-cycle Balances
2.3. Other Costs and Features
   Default and Universal Default
   Special Delinquency Rates

Source: www.ftc.gov

Chapter 2 - Choosing A Credit Card

3.1.6. Management and corporate governance

 
American Express key executives include:

• Kenneth Chenault: Chairman and Chief Executive Officer
• Edward Gilligan: Group President - Global Corporate Services and International Payments
• Peter Godfrey: Group President - Global Network Services
• Alfred Kelly, Jr.: Group President - U.S. Consumer and Small Business Services
• Ashwini Gupta: President - Risk, Information Management, Banking and Chief Risk Officer - American Express Company
• Daniel T. Henry: Executive Vice President and Chief Financial Officer
• Jonathan Linen: Vice Chairman - American Express Company
• L. Kevin Cox: Executive Vice President Human Resources and Quality
• John D. Hayes: Executive Vice President Global Advertising & Brand Management, and Chief Marketing Officer
• Louise Parent: Executive Vice President and General Counsel
• Steve Squeri: Executive Vice President and Chief Information Officer
• Thomas Schick: Executive Vice President Corporate Affairs and Communications

Current members of the board of directors of American Express are:

• Daniel F. Akerson: Managing Director of The Carlyle Group
• Charlene Barshefsky: Former United States Trade Representative
• Ursula M. Burns: President of Xerox Corporation
• Kenneth I. Chenault: Chairman and CEO of American Express Co.
• Peter Chernin: President and COO, News Corporation
  Vernon E. Jordan, Jr.: Senior Managing Director with Lazard Freres & Co. LLC
• Jan Leschly: CEO of Care Capital LLC
• Richard C. Levin: President, Yale University
• Richard A. McGinn: Former CEO of Lucent Technologies, Partner, RRE Ventures
• Edward D. Miller: Former President and CEO of AXA SA
• Frank P. Popoff: Former Chairman Chemical Financial Corp.
• Steven S. Reinemund: Former Chairman and CEO, PepsiCo Inc.
• Robert D. Walter: Chairman and CEO, Cardinal Health
• Ronald A. Williams: Chairman and CEO, Aetna Inc.

Source: wikipedia.org

3.1.6. Management and corporate governance

3.3.4. Discover acquires Diners Club

 
In April 2008, Discover Financial Services and Citigroup announced that Discover was purchasing the Diners Club network from Citi for $165 million. In May 2008, the U.S. approved the transaction. The deal was completed on July 1, 2008. Discover stated that the Diners Club network, which is a major network outside North America, will be merged with the Discover Network, a major network in North America, creating an international network for Discover Network cards and Diners Club cards. Diners Club cards will continue to be issued by Diners Club International licensees, including Citibank. Discover Bank has no plans on issuing Diners Club branded cards itself. Discover only purchased the network, and not the licensees issuing the cards.

3.3.4. Discover acquires Diners Club

3.5.1. History of MasterCard

 
In 1966 a number of banks formed the Interbank Card Association (ICA). The name Master Charge was licensed by the above mentioned California banks from the First National Bank of Louisville, Kentucky in 1967. With the help of New York's Marine Midland Bank, now HSBC Bank USA, these banks joined with the ICA to create "Master Charge: The Interbank Card". The card was given a significant boost in 1969, when National City Bank joined, merging its proprietary Everything Card with Master Charge.

In 1979, "Master Charge: The Interbank Card" was renamed simply "MasterCard". In the early 1990s MasterCard bought the British Access card and the Access name was dropped. In 2002, MasterCard International merged with Europay International SA, another large credit-card issuer association, which for many years issued cards under the name Eurocard.

In 2006, MasterCard International underwent another name change to MasterCard Worldwide. This was done in order to suggest a more global scale of operations. In addition, the company introduced a new corporate logo adding a third circle to the two that had been used in the past (the familiar card logo, resembling a Venn diagram, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".

From the 1970s to the early 1990s MasterCard was known as "Carnet" (Card Network), but keeping the original MasterCard logo.

Source: wikipedia.org

3.5.1. History of MasterCard