/ Register

VISA, MasterCard dealt a blow

Discussion in 'Credit Talk' started by Hope, Oct 10, 2001.

  1. Oct 10, 2001 #1
    Hope

    Hope Well-Known Member

    Very interesting article. Wonder if there's something in this for us consumers!

    "...In a ruling that will revamp the highly competitive credit-card industry, Judge Barbara Jones said Tuesday Visa and MasterCard must let their member banks issue their rivalsâ?? cards..."

    http://www.msnbc.com/news/640581.asp
     
  3. Oct 10, 2001 #2
    PsychDoc

    PsychDoc Well-Known Member

    Hope, this is what American Express has been litigating for many years. The governing board that controlled VISA/MasterCard had a rule that said that any bank that issued its own co-branded American Express card would no longer be able to issue cards with the VISA or MasterCard logos. AmEx contended that this rule effectively prevented competition. Looks like the courts have sided with AmEx. Interestingly, Discover will benefit too. As a result, we'll soon see Citibank American Express cards, MBNA Discover cards, and other permutations. This is truly a blow for VISA and MasterCard, who up to now had a monopoly on bank-issued cards with their logos.

    Doc
     
  4. Oct 10, 2001 #3
    IncomeHelp

    IncomeHelp Well-Known Member

    And to think about how much Microsoft has gone through for "limiting competition".

    John
     

Share This Page