Tag Archives: credit card companies

Finance

The Details Of Frank Mcnamara, By Bob Jain

It’s easy to take credit cards for granted, seeing as how we’ve had them handy for so long. As a matter of fact, you may not know that credit cards date back as far as the mid-1900s, which is where a bit of history can come into play. As a matter of fact, the man who was responsible for creating the credit card in the first place went by the name of Frank McNamara. Here are just a few of the important details about him, courtesy of Bob Jain.

The details of Frank McNamara’s personal life are few and far between, but what matters is the interesting way that the credit card that we use today came to be. A story came out that, in 1949 in Manhattan, he was enjoying a nice dinner out with someone from work. When the bill came, McNamara came to the realization that he didn’t have money to pay. Even though his wife came to the restaurant with money to cover the bill. Even though this isn’t the real story – it was a hoax that people still believe to this day – it was arguably more entertaining than the truth.

For those who want the true story, McNamara was once an executive at the Hamilton Credit Corporation. As he saw that business wasn’t exactly on an uptrend, he proposed the credit card concept to his friends. What it would do, essentially, is allow people to cover restaurant bills via charge, with the amounts being paid off later. To say that this revolutionary would be an understatement, as I’m sure reputable authorities such as Bobby Jain CS can agree. It wasn’t long until the first American credit card company, the Diner’s Club, came to fruition.

When the Diner’s Club was first erected, 27 participating restaurants worked with it. If you were a member of this organization, not only would you be given a credit card but you’d be able to use it at the restaurants in question. The company made money by issuing fees on the cards, which are quite common with many credit options used today. This was a revolutionary concept and one that would start an undeniable trend, as the likes of Bobby Jain Credit will be able to tell you.

The Diner’s Club is not only an interesting piece of history, but the start that other companies needed in order to form. Years after the formation of the aforementioned credit card company, American Express would throw its hat into the ring; it’s still a prominent credit issuer to this day. Nowadays, it’s almost impossible to meet an adult that doesn’t have a credit card in their possession. This might not have happened without the work of Frank McNamara.

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Finance

Further Consumer Bureau Row Caused By Credit Card Hotline

The latest fight over the Consumer Financial Protection Bureau involves a credit card hotline. The bureau would be able to act on information that was garnered directly from people that would be compiled in a database and would be acted on if and when the bureau felt it would be fitting. However, that is the kind of in-formation is effortlessly misused, which is why banks and card issuers want some restraints placed on how it can be used. This would help keep all pay day loan data private.

Credit cards to get crowdsourcing penalties

The latest issue of contention concerning the beleaguered Consumer Financial Protection Bureau is a credit card hotline that would be used to gather grievances about charge card issuers from customers, according to Daily Finance. The Bureau would take the data customers call in with reporting a business and give it to the states. The basic idea is that the data would be crowdsourcing for complaints. Card issuers could easily get fines from government officials without even considering what the grievances are about. Most banks and card is-suers are hoping to keep the complaints private. That means the data would stay between the financial institution, the government agency and the person who complained instead of having a public database.

Keeping data hidden

The flow of data can hurt banks a lot, which is they are fighting for private data. When the Consumer Financial Protection Bureau begins on July 21, so will the complaint line. The line is set up so the information can be seen by everyone who wants to see it. That means complaint data can effortlessly be accessed. Though it may seem that banks and card issuers want to keep this data from the public to keep everybody from seeing the dishonest practices they engage in, there’s a fair point to consider; some people are apt to complain about fees regardless of whether those fees were fairly levied. A way to get infor-mation straight from the public is certainly admirable, but without restraint it can effortlessly be used inappropriately.

How the future is looking

The Consumer Financial Protection Bureau will have authority to regulate, to some extent, vir-tually all manners of consumer finance like credit cards, mortgages, payday loans, debit cards and so on. However, the existence of the organization has brought on a fight in Congress to break out. Reuters states that there were three bills introduced to limit the bureau recently including two on the director. One bill would keep the CFPB from taking on regulatory activity from other agencies until it has a ded-icated director and another would replace the current structure from having a single director to having a five member panel. The majority of the Republicans don’t like the idea of Warren directing the bureau. She has helped get it set up as an adviser to the White House. The bureau may not really start in July as anticipated.

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