CURRENT AFFAIRS

Detailed explanation-1: -(2) The IBM card is issued by Amex to you in your name. If you don’t pay the Amex bill when required this will affect your personal credit rating and Amex will send the debt to a collection agency if the debt is overdue.

Detailed explanation-2: -American Express has been around since 1850 and is a household name in the credit card industry for its popular rewards credit cards. Besides credit cards, though, the online-only American Express Bank offers a couple of personal banking options, including a high-yield savings account and certificates of deposit (CDs).

Detailed explanation-3: -US Bancorp issues American Express-branded cards for US Bank along with Elan Card Services, a subsidiary that issues credit cards on behalf of small to midsize banks.

Detailed explanation-4: -The leading non-bank issuers are American Express and Discover. But there is nothing in many jurisdictions that explicitly bars non-banking firms from issuing credit cards.