Read again, Johnny! I said I was younger in 1965 than BETH was in 1969. No expression just a safe place to keep $2 lunch money safe. Remember when $2 would buy a burger with lettuce and tomato, fries, and a small soda? That is what it cost 1968 at a mom-and-pop burger joint in the front of their house, one block from the school. They were only open during high school lunch hours and made a lot of money. It was a steady line in and out. We had to take it elsewhere to eat, but the best price and food around. They had a grill that held 50 patties and they were so organized and efficient. Between the two lunch periods, they probably served 200 burgers. At $2 each that was $400 which was half or more profit, so $200 for 2 hours work, 1-hour serving, and 1 hr preparation and clean up was at least $100 an hour. Not bad in 1968 for an old retired couple. They used to money to travel all summer. To return back to the topic, I was sure glad when Costco went to Visa. Their American Express was useless at many other places around here. I now use their VISA for everything, paying bills including medical, all purchases, eating out, just everything, and pay it off at month's end, so no interest, and I get about $500 a year in kickback shopping at Costco each spring.
I didn't know that. Of course, cards are such a nasty way to finance anything. I guess a lot of folks must carry a balance, if the number of "Transfer Your Balance at 0%" offers I get are an indication. And that Arkansas example makes me wonder why there aren't low-interest cards marketed to folks with decent credit ratings. One would think such folks are of a type that would not carry balances, so the exposure to the company would be low. Maybe they don't want to cannibalize their risk pool.
My first job paid $1.80 an hour and I was able to pay insurance and put gas in my '67 Camaro AND save enough to buy my first stereo (Lafayette LR1200, which I still use in my garage.) Regarding COSTCO...I recall when a cry was heard throughout the land when they went to VISA. AMEX was such a weird provider to partner with. AMEX is like the reverse-thread metric card in our American market...why does it still exist?
Actually, there are those that can't have a credit card or even a banking account. Why? Bad-to-no credit and, concerning the banking account, state and/or federal taxes they owe.
I think the advantage to the REAL Amex card is that it has no limit but must be paid every month and has a hefty annual fee. Amex also has a revolving credit card that functions much like the other name brands but requires a larger premium from the merchant. That is why many merchants won't accept it. I haven't got current info on cards, but that was the way it was when I last got a new one.
For a brief period I worked on the inside of that industry. I was in between corporate jobs, and it was one of those things I would never tell my mother I had to do to pay my bills. There was (is?) this 2nd tier industry that arose when so many people started their own businesses (especially online sales) and their brick & mortar banks would not give them a Merchant Account. The Merchant Account Sellers (MAS) had relationships with financial institutions that saw this opportunity and would underwrite these accounts with hefty up-front costs, hefty transaction fees, hefty rates, large hold-backs, etc. The MAS received a sign-up fee and residuals on subsequent merchant activity. The MAS had sales guys who would seek these businesses out and "help them" get a merchant account. (Think used car salesmen, minus the ethics.) The most obscene thing (and that's saying something) were the credit card machines they sold. The MAS would pay $75 for a refurbished machine and put it on a "less than the price of a cup of Starbucks a day" monthly lease that ended up costing the merchant $1,200 over 2 years. Then the MAS had places lined up to buy that lease for $600. The lease buyer administered the lease and made 100% within 2 years, and the MAS immediately got 8 times what they payed for that used machine!!! That's a GPM of 700% on the machine...plus the sign-up fee plus residuals. Sweet, huh?
I have never carried more than one credit card in my billfold. (wallet) I have been using a VISA for years. It's a nice card.