VISA

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The controversy revolving around international media site Wikileaks is escalating quickly as supporters sent a shot across the bow to Mastercard, successfully taking down the credit card company’s website. The cyber attack was a direct retaliation of the credit card company refusing to process donations to Wikileaks. However, Mastercard isn’t alone. The “hacktivists,” operating under the group label “Anonymous,” also targeted transaction processing site Paypal just a few days prior for the same reasons.

Credit cards will soon be replaced by smartphones, or at least that’s the belief expressed by Google CEO Eric Schmidt. On Monday, he explained why he believed credit cards as we know them may eventually become secondary to smartphones and actually showed off a device with the capability to replace the plastic.

The Unannounced Device

Your bank cards are becoming obsolete. Evolving credit card technology is changing the way we use plastic, something that really hasn’t changed for over five decades. Imagine, if you will, a world where you can access two accounts with just one card, or use your rewards points at the register just by pressing a button. Even better, imagine paying for stuff with a wave of your phone. Yes, your phone.

You might not have heard of them yet, but it won’t be long before your bank starts sending you credit card offers built around this new technology. While most companies have credit card apps for mobile phones and user-friendly payment options online, the actual process of sliding and signing to pay hasn’t really progressed until now.

Image via Wikipedia

Have you ever wondered about the sequence of numbers shown on your credit card, like how those numbers were chosen or what they mean? Most of us identify our issuing credit card company by the logo on the card. However, a little known fact is each credit card issuer has a specific sequence of numbers that appears on every one of the credit cards they issue and is not to be used by their competitors.

If you’re regularly excited by new credit card offers then you may want to relocate to Europe for Visa’s latest credit card.

The Euopean Visa card, CodeSure, was introduced with new feature: a keypad and digital number display. The Visa Codesure is the same size as the traditional credit cards you’re used to, but also has a small 12-button keyboard and screen that generates a constantly-changing series of unique security passwords that are to be used for Internet purchases. Even with this new feature, the card can also be used in standard ways as well, including credit and debit card transactions (ECommerce Journal).

Visa recently conducted a survey that looked at how consumers felt about a new amendment in Wall Street reform that would allow some of the fees associated with processing debit cards to be passed from retailers to consumers.

According to the survey, an overwhelming 83 percent of respondents were opposed to the amendment’s requirement that debit cardholders would likely pay fees for owning and using their debit cards if the government was to establish the prices retailers pay for accepting the cards. Because of the strong opposition, it is likely that the amendment will not make it into the final version of the bill. (Market Watch)

You’ve no doubt heard about the Amex Centurion Card and the Visa Black Card, but here are eight other exclusive credit cards that you may want to explore. These are equally rare credit cards that are in the pockets of some of the wealthiest citizens around the world.

There are few status symbols that are coveted like a black card, which today is widely recognized as the most elite credit card offering from any card issuer.

There’s no doubt that a quick flash of a black card in public instantly elicits visions of country clubs, helicopters and stretch limos, but the truth is most of the perks you hear about are financial urban legends conjured up by overzealous status worshipers. We’re here to put the myths to rest and separate fact from fiction so the next time you hear that black card holders get exclusive visits to a secret underground facility in Scotland to see the Loch Ness monster, you can set them straight.

For Americans, getting the first credit card is the start of building a financial record. Since the credit history is largely base on the prompt payments of credit cards, it will become exceedingly important to have good credit as you strive to better your lives when deciding to buy a house, get a car loan, and build other lines of credit. Choosing a credit card company is solely at the discretion of the card applicant, but there are some things to consider before filling out the paperwork.

The program that was the precursor to what came to be known as Visa Card started 1958, when Bank of America began its own credit card program called the “BankAmericard.” BankAmericard was originally conceived as a program that would only be used statewide in California, as a way to efficiently process small bills that were originally being paid by check. But in 1965, Bank of America began to license the system to other banks and by 1976 it was a global program that was offered by banks all over the world.

In 1970, Bank of America relinquished direct control of BankAmericard to the various financial institutions that were part of the collective, creating a joint economic that was a separate entity. National BankAmericard, or NBI, controlled domestic operations while international licensing was handled by a separate branch called IBANCO.