The first and largest network was originally called “BankAmericard.” Established in 1958 by Bank of America, the card was an effort to offer a credit product geared toward consumers rather than toward businesses. Discover cards are accepted at Canadian ATMs, but are accepted by very few Canadian merchants compared to the other three networks. Four major credit card networks dominate global markets: Visa, Mastercard, American Express and Discover. A credit card is a powerful tool issued by a financial institution such as a bank or credit union allowing you to borrow funds.įinancial institutions use a third-party company called a credit card network to facilitate communication between the terminal of payment and the issuing bank. Yes, even the shape and the substance of the card itself.
Credit Card Numbers: What Do They Mean?Ī credit card is more than a rectangular slip of plastic and metal. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
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