[MSD1976]

Yes Mastercard was in response to the success of the BankAmericard. Banks were much more regional in the 1950s-1960s because of a federal law that prevented them from operating outside of their home state.

Bank of America was the largest bank in the largest state (California), and had the most successful credit card program (the BankAmericard). When they began franchising the program to other banks, it made sense to concentrate their efforts in states near California.

Mastercard (at the time known as Mastercharge) was formed in response by a bunch of East Coast banks.

Re: Amex... they were big in the traveler's cheques business around the time that Diner's Club launched. Diner's Club proved the model, and Amex leveraged their extensive traveler's cheque network and wealthy user base to enter the market.

[simonebrunozzi]

Fun fact related to BofA: It was founded by an Italian immigrant in 1904 in San Francisco, and it was called "Bank of Italy". [0]

[0]: https://en.wikipedia.org/wiki/Bank_of_America#Bank_of_Italy

[wiredfool]

And Discover leveraged Sears.

[activatedgeek]

Interesting!