Since then, most European nations as well as Japan and Canada have adopted this so-called EMV international credit card standard and abandoned magnetic stripe credit cards for chip-and-pin cards in the process.

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The ax fell after a series of embarrassing setbacks in Robinson's failed attempt to turn the credit card company into an international financial supermarket.

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To create an entire value chain, American Express segmented its credit card and lending business into three businesses: U.S. card services, international card and global commercial services, and global network and merchant services.

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Similar to a credit card, shop around and look for a bank or credit union that offers a debit card with no international ATM withdrawal fees or foreign transaction fees.

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Financial institutions: BBVA Bank, BMO, BNLPOSitivity, BNL Italy, BNP Paribas Fortis Belgium, Banco Sabadell, Banco Santander, Banca Sella, Citi, Commonwealth Bank, Deutsche Bank Italy, EMS, EnterCard, EURO 6000, European Merchant Services, Fifth Third Bank, Handelsbanken, International Card Services Netherlands, Intesa Sanpaolo, Lake Trust Credit Union, ME Bank, NAB, SEB Kort, SIA, Swedbank, TMG Financial Services, UniCredit and Westpac.

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Rewards cards are used for 80% of credit-card purchases, according to a recent study by Phoenix Marketing International, a market research firm.

WSJ: The New Credit-Card Rewards Programs

The "cyber war" started at the beginning of the month when a group claiming to be Saudi Arabian hackers posted the credit card information and other identifying data of thousands of Israelis on line, prompting an international investigation.

CNN: Hackers attack two Israeli websites