Lamarr and Anthiel received a patent in 1941, but the enormous significance of their invention was not realized until decades later. It was first implemented on naval ships during the Cuban Missile Crisis and subsequently emerged in numerous military applications.
Cash back credit card reward programs started out rather simply, offering a flat percentage rate (typically 1 percent of purchases) rebated back to the customer in the form of a check at the end of the year or a statement credit.
Traditionally, âchargebackâ refers to the bank-instigated refund process where a merchantâs bank is debited for a credit card transaction being disputed by the cardholder. In this instance, however, return item chargeback is a fee that Bank of America passes on to its checking account holders.