There Was a Time Card Rate Caps Might Have Worked

One score, one decade and seven years ago the credit card game was ready for a national prime-time launch. Before this period banks issued one plain vanilla Visa (f/k/a BankAmericard) or one plain vanilla Mastercard (f/k/a Mastercharge) to their respective general banking customers. But this began to change in the mid-1980s as banks started to expand beyond their footprint, issuing cards nationally, competing vigorously against one another. Nearly all of the ten largest bank credit card issuers charged the same . . . . MORE

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