As I took out my “card” to pay for groceries, I thought back to when I actually used paper money more than plastic. In fact as I thought about it, it really wasn’t that long ago. I decided to research the evolution of the credit card and here’s what I found out – credit cards are nothing new.
Here are some fun facts and figures about credit cards - - -
Earliest History –
More Recent History –
Most Recent History –
1950 The idea of paying multiple businesses using one single card seems to be traced back to Frank McNamara. He used a single cardboard card with his signature on it to pay for his meals at several Manhattan New York restaurants. He went on to form Diners Club.
1952 Franklin National Bank of New York introduced the first bank issued credit card. So was born - buy now, pay later.
1955 Over 100 banks started offering credit cards.
1958 The American Express Card is launched. And in 1959 they introduce the first plastic charge card.
1958 Bank of America introduces BankAmericacard
1966 Bank of America begins to license BankAmericard across the United States.
1966 Competitors of the new BankAmericard credit card begin designing an agreement that will allow banks across the United States to accept each other’s local credit cards. MasterCharge is launched and 36.5 million cards are issued.
1977 BankAmericard changes its name to Visa.
1979 MasterCharge becomes MasterCard. The first “gold” card is launched in 1981.
1986 Discover Card is unveiled.
2005 There are 929.6 million General Purpose (credit and debit) cards issued by Visa, MasterCard, American Express and Discover in the United States.
A charge card means that the balance has to be paid in full each month.
A credit card means you can pay off the balance over time.
Information Sources: Each credit card company has a history and/or timeline you can read. Also there is some information on Wikipedia.com.
Here's a book from Richard Bach - Smart Women Finish Rich - I highly recommend. I've included a link to Amazon.com: Smart Women Finish Rich
Please take a few minutes to visit my website www.SharonMichaels.com for more empowering suggestions, tools and tips.