In 1990, a grim time at First Bank System Inc. in Minneapolis, Philip G. Heasley approached his new boss with what sounded like a crazy proposition: to stake a claim in the corporate charge card market.

Despite encouragement from the MasterCard and Visa associations, few banks had given that business a thought, essentially conceding it to American Express Co.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.