Credit Card History
Edward Ballamy first introduced the world to the idea of the "credit card" in his 1887 novel, Looking Backward.
However it was initially used as one of the modes of payment for selling gas to the burgeoning population of vehicle owners in the United States of America during the 1920's. These cards were then called as charge cards and soon enough several companies permitted the use of various cards. Earlier days it was easy to fake a credit card, as most of them were printed on some kind of card, unlike the plastics which we use today.
Another type of credit card that appeared in the 1930s and 1940s is the Charga-plate. The credit card was made of a small piece of metal and had the owners name, city of residence, and the state in which the person resided imprinted into it. The Charga-plates were most of the time kept in a store and only large retailers made use of these, and they only issued them to their everyday clients.
Diners club was founded by Ralph Schneider and Frank X. McNamara in 1950, and instead of using many cards people where allowed to use one card. This card had to be paid in full at the end of each month which is differnt from the modern credit card.
The next card to come along was Carte Blanche and then American Express in 1958. American Express led to the creation of a global credit card system. The Visa system also came into existence in 1958 via Bank of Americas BankAmericard. MasterCard came into the world in 1966 when it was first known as MasterCharge.
Credit card use rose in the United States because of the banking practices in place. Cross country travelers could take their credit with them on their journeys, as they could not access their own banks immediately.
In 1966, the first credit card was released in the UK. The credit card system was not accepted by other countries. Reasons cited for not wanting to use credit cards included bank reliability or a preference to use cash.
Before the advanced technology came, there were reported many credit card frauds. But in recent years, microchips in built credit cards are developed which give you safety. Recently, affinity cards are also developed which are linked with specific group or companies.
Usually,when your earning increases you are more able to return debt of your credit card which ultimately lead you to increase use of the credit card.
However it was initially used as one of the modes of payment for selling gas to the burgeoning population of vehicle owners in the United States of America during the 1920's. These cards were then called as charge cards and soon enough several companies permitted the use of various cards. Earlier days it was easy to fake a credit card, as most of them were printed on some kind of card, unlike the plastics which we use today.
Another type of credit card that appeared in the 1930s and 1940s is the Charga-plate. The credit card was made of a small piece of metal and had the owners name, city of residence, and the state in which the person resided imprinted into it. The Charga-plates were most of the time kept in a store and only large retailers made use of these, and they only issued them to their everyday clients.
Diners club was founded by Ralph Schneider and Frank X. McNamara in 1950, and instead of using many cards people where allowed to use one card. This card had to be paid in full at the end of each month which is differnt from the modern credit card.
The next card to come along was Carte Blanche and then American Express in 1958. American Express led to the creation of a global credit card system. The Visa system also came into existence in 1958 via Bank of Americas BankAmericard. MasterCard came into the world in 1966 when it was first known as MasterCharge.
Credit card use rose in the United States because of the banking practices in place. Cross country travelers could take their credit with them on their journeys, as they could not access their own banks immediately.
In 1966, the first credit card was released in the UK. The credit card system was not accepted by other countries. Reasons cited for not wanting to use credit cards included bank reliability or a preference to use cash.
Before the advanced technology came, there were reported many credit card frauds. But in recent years, microchips in built credit cards are developed which give you safety. Recently, affinity cards are also developed which are linked with specific group or companies.
Usually,when your earning increases you are more able to return debt of your credit card which ultimately lead you to increase use of the credit card.
About the Author:
Jason Asthworth is the content syndicator for applyforvisacreditcardnow.com the leading resource credit cards and applying for a visa credit card.
posted by Debt Consolidation Loan at
11:52 AM
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