The Law Dictionary

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MASTERCARD Definition & Legal Meaning

Definition & Citations:

World-renown worldwide credit card corporation. On May 25, 2006 MasterCard converted from a privately held company to a public company. One of the three major credit cards accepted at vendors across the world. They are also known to work with financial institutions to issue credit cards. The credit cards distributed under the MasterCard brand by the company itself. The financial institution that issues the card controls the credit provided to card holders. MasterCard itself is not accountable.


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