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The Evolution of American Express and Credit Cards
This chapter traces the origins and transformation of American Express from a mail company to a significant financial institution, exploring key innovations like traveler's checks. It contrasts American Express’s strategies in the credit card industry with those of Bank of America, detailing the risks and challenges faced during the expansion of credit offerings. The narrative also captures the widespread adoption of credit cards in American society, highlighting how borrowing has evolved into a fundamental aspect of economic growth.
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