Is Mastercard Really the Master Credit Card?
Contributed by Kris Olds
MasterCard: The master credit card for you.
When a consumer sees the unmistakable symbol of two interlocked circles, a warm orange and red, they see symbol of Master Card, one of the master credit cards available. Master Card was created in the 1940's after a few U.S. banks created cash substitutes for some of their customers that could be used wherever their symbol was seen. It was the Franklin National Bank in New York City that first offered this as on option on the majority of their accounts.
And so was born the Master Card credit card. Although it didn't take on it's traditional 6 inch by 3 inch plastic form until the mid-1960's, Master Card was already gaining acceptance as an alternative way to make purchases that allowed it's users to carry less cash. During this same time, a group of banks started sharing this option and named themselves the Interbank Card Association, or ICA. Eventually, this group was renamed Master Card International.
The "international" portion of the name came from the first dealings with companies outside the United States. Starting with Mexico and the Banco National and the Eurocard, which was the European equivalent, MasterCard International spread it's wings to encompass banks in Africa, Asia and Latin America. In 1988, the last of the international additions came with the first Master Card being issued in the former Soviet Union.
There are now over 37 Master Card locations around the world with their headquarters in Purchase, New York.
