Arguably the biggest financial innovation of the past 100 years, credit cards are familiar pieces of metal or plastic that allow cardholders to borrow funds to pay for goods and services.
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A 2024 report found the average vacation for one person costs around $2K, with half of those surveyed suggesting they would not travel because of the price. A third of those willing to vacation despite the costs said they were willing to take on debt to pay for it.
On a 1958 morning in Fresno, California, about 60,000 people woke up to find a strange rectangular piece of plastic on their doorstep without explanation. Those chosen for the “Fresno Drop” didn’t know it yet, but Bank of America was behind the credit card delivery stunt.
A Sears subsidiary, the financial services company Dean Witter, launched Discover Card through a Super Bowl commercial during Super Bowl XX.
This article provides a few helpful tips for getting out of debt, such as learning more about the debt itself and asking for better interest rates. It also explains the popular "debt snowball" and "debt avalanche" methods for getting out of debt. Curious to learn more? Read the full article here.
Magnetic strips store unchanging data that is easily cloned, but microchips act as miniature computers that encrypt sensitive data. They also resist fraud by creating data unique to each transaction, preventing duplication.
When someone has extra money in their pocket, they're quickly faced with a decision: Is it a better idea to use that money to pay down debt, or invest it? While the answer depends on each individual's financial situation, this video explains which solution works best depending on the circumstances. Watch it here.
The magstripe on bank cards always gives the same data, making it simple to copy using a device called a grabber. In contrast, embedded chips create a unique code with every transaction, making it much harder to clone or steal card information.
Sears owned the financial services company Dean Witter, which rolled out the Discover Card in 1986. The Discover Card is just one of many Sears inventions that seems to have outlasted Sears’ peak popularity, including Allstate Insurance and the clothing brand Lands End.
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The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.