Business Services Industry
VISA - ICC Credit Cards Changes The Rules OF The Point System.
Israel Business Today, May, 1999
Since Visa Alpha Card entered the credit card market, the other credit card companies have had no choice but to match the benefits which Alpha card offered to its card-holders. These benefits, from the cancellation of annual fees, to more points and better gifts trimmed approximately MS 450 million in profits from the major Israeli banks who are the joint owners of the veteran credit card companies operating in Israel.
Visa ICC who's major owner is Bank Leumi, did not look kindly on the drop in profits this caused. Visa ICC has instituted cost-cutting measures throughout the company and although it does not want to cause any more of its card holders to move over to Visa Alpha card, has also revalued its points earned for purchases made using its credit card...
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