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Marvels of Capitalism-Credit Cards Marvels of Capitalism-Credit Cards

The first bank card, called "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn, according to MasterCard. When a customer used it for a purchase, the bill was forwarded to Biggins' bank. The bank reimbursed the merchant and obtained payment from the customer. However, purchases could only be made locally, and Charg-It cardholders had to have an account at Biggins' bank. DINERS CLUB The Diners Club Card was the first credit card in widespread use. In 1949 Frank McNamara ... Read More

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THE KUBUS SCHEME THE KUBUS SCHEME

Over 20 years ago Adriaan Alettus Niewoudt rose to prominence when he convinced thousands of wide-eyed South Africans to buy into the kubus scheme, which was based on a milk culture his grandmother used as a skin product. In January 1984, Nieuwoudt placed a newspaper advertisement inviting members of the public to earn more than their present salary by “cultivating vitamin plants in a glass.” In order to participate in the scheme, customers would have to send R500 ($74.39) to Kubus ... Read More

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Beware The Scam-Your Business is Not Immune! Beware The Scam-Your Business is Not Immune!

Sometimes a scam is called by other names such as fraud, rip-off, theft, cheating, embezzlement, swindle, con: or even the softer phrase, chicanery; but a rose by any other name ... When the term Scam is applied, it adds a new dimension to the crime. Scams often involve intrigue, mystery, intelligence and extensive planning. Sooner or later, nearly every business will experience some form of scam. Most likely it will happen several times. You may be taken for a few dollars ... Read More

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