Quote:
Originally Posted by Clodfobble
It's just a regular credit card as far as I can tell, overseen by either Visa or Mastercard.
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It operates on the Visa or Mastercard system. A network created and operated by the individual member banks. Target collects obscenely profitable fees otherwise collected by a bank that issued your Visa or MasterCard.
Ironically, Walmart tried to do this about a decade ago. The banks were so powerful and so easily bought politicians back then that Walmart stopped trying. At the same time, Visa and MasterCard also continued to keep the smart card out of North America. Since that would have also eliminated profits by providing customers with a superior transaction tool.