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The History of a Credit Card Company May Be Interesting!• Click here to view all Articles... • Click here to view Credit Card eZine Archive... |
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I think that not too many people think about the history of a credit card company, when they fill out the credit card application for the card they have chosen. It seems that plastics have interfered in all spheres of your life and we rarely think that the history of the credit card company can be really interesting.
Let's take American Express. Many of us think about usual credit card company when they hear these two words. Yes, you are right AmEx is a credit card company today, but it is also a company with magnificent and interesting history!
William Fargo, John Butterfield and Henry Wells founded American Express in 1850 as an express business. In 1882 they wanted to compete with US Post Office's money orders and launched their money order business. This product has become extremely popular in Europe as such financial service didn't exist there at that time.
In 1890's J.C. Fargo went to Europe and returned very frustrated. He carried original letter of credit with him, but as he found out it was difficult to obtain cash anywhere but in big cities.
American Express decided that they should issuer the product that could compete with letter of credit. So in 1891 American Express launched American Express Travelers Checks in dominations of $10, $20, $50 and $100.
AmEx Travel Checks truly established AmEx as a well-known international company.
In 1950 Diners Club introduced their credit card and American Express began to consider the possibility. Its first credit card was issued in 1958. The card was made of paper, and the name of credit card user and the account number were typed on it. The first AmEx plastic card was issued just a year later.
American Express was thinking about its privilege customers and soon launched Gold Card and Platinum Card. The Platinum Card offered many different benefits and had $250 annual fee. This plastic was offered only by invitation to a limited number of people, who had an excellent credit.
1999 was a very good year for a credit card company. AmEx issued Centurion Card also known as black card. The card had a ski-high annual fee, which was $1000, but also offered exclusive benefits! Blue from American Express was also introduced in 1999. This plastic has become extremely popular among the young consumers.
If you think that your credit card has a huge annual fee, you really have to know that in 2005 the Centurion card had $3500 annual fee!
Today AmEx is well-known all over the world. This company issues the best credit cards for consumers with different lifestyles, credit history and income. You can enjoy the benefits of American Express cash back credit cards, frequent flyer cards, hotel rewards plastics and many others! In 2008 you can use a wireless RFID payment method: just wave your plastic and the transaction is made!
As you can see AmEx credit card company has an amazing history full of interesting facts! Isn't it amazing that small express business company has become major credit card issuer?
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I didn't know such interesting facts! Now I really have respect for AmEx!
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As you see, automobile rewards cards work like any other rewards plastic. Some of them provide cash back and rebates, others imply point accumulation programs.
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A group of lenders from Canada and the USA in cooperation with Visa Inc. started a new program for protecting customers from credit card fraud. The program basically provides real time alerts about all suspicious transactions with your credit cards. Thus, the service widely known as fraud alert has become more convenient and fast.
