Credit Cards – New Empire

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Credit Cards – New Empire

Credit Cards – New Empire

The content is accurate at the time of publication and is subject to change.

Centuries ago, the West lived at the expense of the developing countries and they conquered them by force. Today the West still flourishes at the expense of these countries but this time they do it by credit card...

Bank credit card is the best weapon for the Empires to keep their colonies feeding them. American Express, Visa and MasterCard are extending their services and are becoming drastically active in advertising their credit cards availability in most godforsaken spots on the planet.

I've been to Turkey and I plunged into a steadily growing portion of credit cardholding practice. I've been to Costa Rica and its urban inhabitants could boast of their own national credit card, meeting their individual needs and life styles.

What is it? One more epidemy that the poor developing countries are so liable to or a new kind weapon to put them on the knees...?

Well, it depends. It depends on how the developing countries themselves can manage all those credit card APRs fees and other charges which as a matter of fact are generally higher than those in the USA or UK. 

Personally I think, credit card is no evil for Africa and Asia's socio-economic development and rather it promotes socio-economic relationships than hamper. Let their Governments regard the credit card invasion as a useful and fruitful investment into their economy and it is really investment, do you agree. More and more major businessmen are traveling into the Third World and, naturally, they take credit cards with them.

Thus, the need for credit card acceptance is growing and so such credit card giants as Visa and MasterCard have found their market in quite new and vast areas. But it would be foolish to assume that the credit card deal offered by the Western credit card empires is only one-sided revenue. Yes, the Western credit card market has become saturated and banks and credit card companies do need more space and source of earnings but on the other hand the developing countries do want financial inflow - investments.

It is evident, that Africa, Asia and Latin America are becoming notably dependant on Visa International, MasterCard credit card offers and other brands credit cards under the circumstances they do look like "free colonies" if such a phrase ever is possible.

So, a credit card as a thing is no miracle anymore for the developing world and its cardholders do seem loyal to what appears to me just shocking....

I've recently returned from Brazil. Visa and MasterCard acceptance all over the country effected all right and I had no trouble converting the currency or making a transaction. But I was merely killed by the size of interest the national bank charged their customers. I knew that interest rates in developing countries were sky-high (with approximately 150% rates per year) but Brazil over beat hem all.  Just imagine! 200% at the average! Yes, the Empires dictate their rules and the colonies submit.

I've spoken to a guy who was so happy about being approved for a bank-issued MasterCard credit card and having the plastic in his pocket. He sincerely believed that his credit card deal offered best rates and terms. He never knew that paying annual interest of 240% with the inflation rate under control amounting 6% per year is a pure offence in the USA!

I got even more astonished at how low the credit limit on his account was. And it was not due to his bad or little credit history or low credit score - it is just common for Brazil credit card issuers to offer the credit line of just $40 to $400 which is subject to quick payback.

Awful, isn't it? But that's the destiny of any colony. To give, give and once more - give.

Any suggestion to help them up on their feet to their own financial capability and independence? I am not a financial expert but as a guy who has lived in such a credit card Empire as the USA and who has seen the credit card industry developing, I believe that the situation will be relieved with the total penetration of credit issuing companies  and competition between them.

Credit card empires will stay but the colonies will have to adapt and make use of their credit card investments.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related Research:

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Top 5 Secured Credit Cards: September 2020 – Experts’ Choice

Posted: June 22, 2020

The COVID-19 pandemic has made significant changes not only in people’s lives and their financial standing but also in the entire financial sector of the U.S. We have collected the best secured card offers from our partners so that you can… Continue reading

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Top 5 Soft Pull Credit Cards: September 2020 – Experts’ Choice

Posted: June 3, 2020

When applying for a credit card, you definitely don’t want your credit score to go down. Here, you will find the best credit cards with a soft pull from our partners. An application for such cards won’t make changes to your credit history… Continue reading

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Top 5 Store Credit Cards: September 2020 – Experts’ Choice

Posted: May 30, 2020

We evaluated store credit cards offered by our partners to find the best store credit cards. They are often loaded with perks that will allow you to save on purchases at your favorite retailer. Plus, many store credit cards are available… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!