In 1947, the United State banks started to give a favor to their premium customers. They gave a piece of paper to their customers through which the customers can purchase anything on the behalf of bank. This offer gave very privileged and special feeling to the customers. One can imagine how those premium customers would stay connected to their banks for life. The purpose of such favors was not only to attract the customers but also to retain them.
In 1951, first credit card was offered by The Franklin National Bank, New York as a formal financial instrument. This offer promoted the loyalty of customers and brought in new accounts. The idea that a single bank would permit chosen merchants to get cards instead of cash, in each large city was granted. In august 1966, MasterCard international was also grown from this situation. Master Card was first known as The Interbank Card Association (ICA). There was very limited number of customers which were using credit cards at that time.
The Interbank Card Association is a member run organization and the majority of its members include banks. It runs like a true corporation because for the functioning of The Interbank Card Association, the selected governing members and committees make some rules and implement those rules. To expand the organization internationally, Interbank Card Association put many plans like a typical corporation. In 1968, Interbank Card Association signed agreements with Japan, Europe and Mexico which was the first step taken by ICA for promotion.
Practically, all the continents are covered by Interbank Card Association till 1978. To show its international stature, Interbank Card Association changed its name to MasterCard. In 1987, the MasterCard was introduced in The People’s Republic of China. It was the first card which was arrived in China.
Nowadays, Prepaid Master Card is the most popular and accepted card in major locations around the world than any other card. The MasterCard has more than 25,000 shareholders. JPMorgan Chase is the major shareholder with 11.7 % shares. Citigroup has 6.2 % and bank of America has 6 %. Euro Kartensysteme and Europay France have 5.2 % and 5.0 % respectively.
It is the most widely used card all over the world the world. Chase MasterCard is the more selected card by the merchants than any other card. If you have a MasterCard, then you can use your money by using Automatic transaction machine, no matter wherever you may be on the earth. More than 780,000 Automatic Transaction Machines are working for MasterCard. You can get zero liability benefit if you have MasterCard and live in United States. If your card is stolen and misused, you are not legally responsible for this.
MasterCard offers cashless transaction to their customers, which is considered as the greatest advantage of today’s commercial world. There are no negative points which prove that MasterCard is not the best choice for you. Moreover, a tribute MasterCard is MasterCard which has many value added features.
Although the features of the MasterCard may vary depending upon the issuing company, however, because of the highly competitive markets, the banks have to provide the attractive features to the customers. The internet rates charged on these cards are really low to promote their usage. Therefore, Master Cards are providing the desirable features to the customers.