Filed under: Company News , Economy , Citigroup On February 8, 1950 , Frank McNamara and Ralph Schneider finished their dinner at Major’s Cabin Grill in New York and did something that had never been done: they paid with a charge card. The two men, along with colleague Matty Simmons, were the creators of Diners Club, the first charge card that could be used at multiple restaurants and retailers. Like their later competitor American Express ( AXP ), Diners Club balances had to be paid in full at the end of the month, but the ease of credit purchases opened the door to innovations like credit cards. Now, almost 60 years later, the trailblazer for America’s credit industry is leaving the country . Citigroup ( C ), which bought Diners Club in 1981, has announced plans to sell the company’s North American operations to the Bank of Montreal ( BMO ). It has already gotten rid of worldwide operations, having sold them to Discover ( DFS ) last year. Continue reading Diners Club leaves Citi and the country, finding a new home in Canada Diners Club leaves Citi and the country, finding a new home in Canada originally appeared on DailyFinance on Tue, 24 Nov 2009 17:40:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Diners Club leaves Citi and the country, finding a new home in Canada

Filed under: Investing , Stock Picks MasterCard ( MA ) looks to be charging back to stability sooner rather than later. The company swung to profitability in the third-quarter thanks to cost cuts and a slowdown in the rate of decline in consumer spending. Now if consumers would just start spending a smidge more, the company could generate some compelling growth. Continue reading MasterCard charges back to profitability MasterCard charges back to profitability originally appeared on DailyFinance on Wed, 11 Nov 2009 17:21:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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MasterCard charges back to profitability

Filed under: Company News , Earnings , American Express Don’t look for American Express ( AXP )’s better-than-expected third-quarter results , announced Thursday, to presage a turnaround for other big card issuers. Most are getting socked by mounting loan losses, as cardholders contend with rising unemployment and falling home prices. And as consumers deleverage, they’re spending less on credit cards and paying down balances, which means less revenue from interest and fees. It’s a different story for American Express. For the fifth straight month, the company wrote off fewer bad loans to cardholders in September. What’s more, purchases on its charge cards — which must be paid off at the end of every month — are growing faster than those on its credit cards for the first time in at least two years. Continue reading Can American Express charge ahead of its rivals? Can American Express charge ahead of its rivals? originally appeared on DailyFinance on Fri, 23 Oct 2009 14:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Can American Express charge ahead of its rivals?