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MasterCard: Then, Now and Why
by: Lucky Balaraman
Copyright 2005 http://master-card-information.info

* Then *

Way back around 1947, many banks in the US started doing their premium customers a favor. The banks gave them a piece of paper for the customers to flaunt at stores. The paper said, “ We, the bank, will pay you on behalf of the customer. Just send us the bill.”

One can imagine how privileged and special those customers felt. One can also visualize how those customers would stay bonded for life to their respective banks, as would their succeeding generations.

This practice of banks really caught on because it promoted customer loyalty and brought in new accounts. Which is why in 1951, The Franklin National Bank, New York, offered the first credit card as a formal financial instrument.

Throughout the fifties, this idea was franchised; a single bank in each large city would allow chosen merchants to accept cards instead of cash. The Interbank Card Association (ICA), which later became MasterCard International, evolved from this situation in August 1966.

ICA was a member-run organization, and banks formed the majority of members. They elected governing members and committees from amongst themselves to frame rules for ICA’s functioning and to implement those rules. In short, ICA was and is run like a true corporation.

In due course, like a typical corporation, ICA put plans in motion to expand internationally. The first steps took place in 1968, when ICA signed agreements with partners in Mexico, Europe and Japan.

By around 1978, ICA had practically covered all the continents. It changed its name to MasterCard to reflect its international stature. 1987 was a watershed year: MasterCard arrived in the People's Republic of China, where no other credit card had stepped foot in the history of banking. The very next year, the Soviet Union fell to that smart little piece of plastic.


*Now*

The situation now, to quote MasterCard Incorporated, is simple: “No other payment card is accepted in more locations around the world than MasterCard.”

MasterCard presently has a staggering 25,000 shareholders. A list of MasterCard's largest current shareholders with their holdings reads like this:
1. JPMorgan Chase - 11.7%
2. Citigroup - 6.2%
3. Bank of America - 6%
4. Euro Kartensysteme - 5.2%
5. Europay France - 5.0%


* Why *

So why do millions of people carry MasterCard?

Well, to start with, and as mentioned earlier, it is accepted by more merchants the world over than any other credit card. Add to that the fact that wherever you may be on earth, you have an ATM nearby that will disgorge you cash if you have a MasterCard. How many ATMs are we talking about? Just 780,000!

Also, the intermediate and premium cards, Gold and Platinum, carry attractive value-added features. Such as “Road Assist”, which provides access to emergency service to travelers anywhere in the US. Or “PayPass”, which is a smart MasterCard that you just tap on the PayPass reader at participating locations for your card account to be debited (no swiping or giving your card to checkout counter staff).

If you are in the US, you also have MasterCard’s famous zero liability benefit: you are not liable if your card is stolen and misused.


* Conclusion *

MasterCard offers customers one of the greatest advantages in today’s commercial world: cashless transactions. Coupled with all the benefits mentioned above, it is very difficult to prove why you should not acquire one! Count on MasterCard International to evolve beyond plastic into state-of-the-art personal technology, like credit-loaded mobile phones… stay tuned!


About the author:
Lucky Balaraman is a graduate engineer who writes on a variety of subjects. Learn more about MasterCard from his site, http://master-card-information.info


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How to Find the Best Low APR Credit Cards
 by: Morgan Hamilton

Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.

Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.

Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.

Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.

Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.

Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.


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