Diners Club, every mention

Visa (Audio) · Acquired Nov 27, 2023 · 20 mentions

• ▶ 17:26 David Rosenthal Diners Club and American Express arrive on the scene.
• ▶ 17:29 David Rosenthal So Diners Club was first, and people might know and have heard of Diners Club.
• ▶ 17:34 David Rosenthal It still exists today.
• ▶ 17:37 David Rosenthal There's a very famous, legendary origin story behind Diners Club, and it goes like this.
• ▶ 19:35 Ben Gilbert And just to start tracking a certain number here, when we were talking about checks earlier that were getting a discount, and even in this era of early Diners Club, early American Express, we're talking about a five to seven percent…
• ▶ 21:31 David Rosenthal Like you said, diners club is able to charge restaurants and other merchants.
• ▶ 22:37 David Rosenthal And Diners Club would ultimately fade, although it grows to over a million members, it goes national, it gets acquired by Citibank, then sold to Discover in 2008, as we said, still a brand today.
• ▶ 23:03 David Rosenthal Nobody knew what diners club was.
• ▶ 23:35 Ben Gilbert Which is the diner's club of today.
• ▶ 25:33 Ben Gilbert Okay, so Amex observes Diners Club and says, hey, we need to get into this, and we actually have an ability to get into this fast.
• ▶ 25:40 David Rosenthal And they actually try to buy Diners Club, but they can't get their own price, and so they're like, well, we don't need to pay you a lot of money, because we can just do this too, and like I was just saying, not only can we do it too, we…
• ▶ 26:04 David Rosenthal We don't need you diners club.
• ▶ 26:06 David Rosenthal So just within like a year or maybe even two from when Amex launches their charge card, you know, business traveler program, they sign up 700,000 members, which is almost as much as diners club had signed up, you know, many years of…
• ▶ 27:20 David Rosenthal But hopefully as we painted the picture, their motivation and Diners Club and Amex and even the merchants and retailers motivations are very different.
• ▶ 29:10 Ben Gilbert The charge card that had been happening over in diners club, Amex, the gas stations, the retailer land, then the second pillar is this consumer lending, and the third thing is, it is now from a real and proper bank that you already have…
• ▶ 35:47 David Rosenthal It took Diners Club years to get to a million.
• ▶ 36:27 David Rosenthal Like, it wasn't just that they copied MX and Diner's Club or anything else.
• ▶ 46:50 Ben Gilbert The original Bank AmeriCard was very similar to American Express and Diners Club where they were closed loop systems.
• ▶ 50:59 Ben Gilbert This is the original problem of Diner's Club, too, because Diner's Club, they, I think it was Diner's Club that originally shipped a little folded thing that fit in your wallet with the card that was a little booklet that was a list of all…
• ▶ 1:47:45 David Rosenthal Now, they wanted to use them in specific use cases, like Ben, you pointed out, when you want to make a credit purchase, when you want to essentially do what installment financing was before, when you have any number of XYZ other set of…