Credit card (Commercial meaning and entrepreneurship of the era)

Topic 

Credit card (Commercial meaning and entrepreneurship of the era)

Instructions 

The CREDIT CARD is an object from the British museum.

Develop a narrative of the enterprise and entrepreneurship of the time and about the CREDIT CARD. Provide historical, cultural and civilizational background to develop your case.

Given this, write TWO separate essays with the following titles:

1. “The Credit card: Long distance trade and Colonies” – 2000 Words
2. “Credit card: Commercial meaning and entrepreneurship of the era” – 2000 Words.

Answer Preview 

This initiative became a major source of competitive edge for businesses in the United States. In particular, the Bank of America adopted the innovation and attracted over 25,000 traders by the end on 1959. In addition, nearly 2million households in California subscribed to the credit service (Ausubel, 1992, p. 1518). As competition intensified, two major payment systems came into the market; the Visa and MasterCard. Instead of issuing payment cards to merchants or issuing contracts, Visa and MasterCard license their brands to banks and other financial service providers to issue or contract merchants to adopt the payment systems. As a result, the leading credit card providers take a significant share of the global business transaction and payment processes.

In order to exemplify the role of credit cards in entrepreneurship of the era, it is important to understand the economics of credit card payment system. In order to continue existing and grow in the market, an entrepreneur must meet the needs of customers adequately. Customers must get the value of their money at the right time and place.

Word Count: 2400