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Author: Don Obrien

When South Dakota became the new Cayman Islands for banks and finance


Banks had entered the credit card business slowly through the 1950s, then en masse in the mid-1960s. At that time, bankers built nationwide card networks, which we now know as Visa and Mastercard, to connect their local card plans into far-reaching credit systems. By the 1970s, bank cards surpassed retail cards, issued by firms like J.C. Penney, Sears and Montgomery Ward, as Americans’ primary tool for convenient consumer credit.



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