While we tend to think that a credit card is a credit card, there are actually three different kinds of cards available today. They are a card offered by a bank, a travel and entertainment card, and a “house card.”
You’ve probably noticed that thousands of banks offer credit cards. And all of those credit cards carry the Visa or MasterCard logo, along with the bank’s name. Visa and MasterCard do not offer credit cards directly to consumers.
Visa is a privately held membership association. It’s owned by 21,000 member financial institutions around the world, and virtually all of those members offer Visa credit cards. Likewise, MasterCard has approximately 25,000 MasterCard, Cirrus and Maestro members worldwide. [click to continue…]
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