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Chase Manhattan Bank is a bank headquartered in New York. It was founded in 1799 by Aaron Burr. The bank was established as a rival of Bank of New York, owned by Alexander Hamilton who was a competitor of Burr. Their competition turned into a duel and Hamilton was killed. The pistols used in the duel are now owned by JP Morgan Chase. The Rockefeller family were the largest stockholders of the bank. The biggest clients of Chase Manhattan Bank are General Electric, Standard Oil, Exxon Mobil. Nowadays the bank is the largest card issuer in the United States of America. |
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Consumer Rating: 25 Review Points
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Credit Cards
A credit card is a system of payment. It is named after the small plastic card. The card is issued to users of the system. The issuer lends money to the user to be paid later to the merchant. It is different from a charge card, since it does not require the balance to be paid off in full each month. It allows the consumer to 'revolve' his/her balance with the interest being charged.
Almost all credit cards are issued by local banks or Credit Unions. They are of the same shape and size as indicated by the Standard. Credit cards are issued after an account has been approved by the credit provider. The validity of the card is verified using a credit card payment terminal or Point of Sale (POS) system.
Sometimes poor security level of the credit cards and/or credit card systems can provide different possibilities for fraud. There's even such a things exist as a black market for stolen credit card numbers, which are usually used quickly before the cards are reported stolen. But amazingly enough the main reason for all these frauds and security leaks are the card holders themselves, so be aware!
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