pull down to refresh

0 sats \ 1 reply \ @Bell_curve 5 Jul 2024 \ on: Money Puzzles (2016) Full Movie Education
Credit cards as we know them today started to emerge in the mid-20th century, with several key developments paving the way:
  1. The first modern credit card was introduced in 1950 by Diners Club[1][3]. This card, created by businessman Frank McNamara, was the first general-use charge card that could be used at multiple merchants.
  2. In 1958, two significant developments occurred:
    • American Express launched its first charge card[3].
    • Bank of America introduced the BankAmericard, which later became Visa[1][3]. This was the first consumer credit card that allowed users to carry a revolving balance from month to month.
  3. In 1966, a group of banks formed the Interbank Card Association and released the Master Charge card, which later became Mastercard[1][3].
However, it's worth noting that the concept of credit and early forms of credit instruments existed long before these modern credit cards:
  • In 1865, charge coins were introduced as an early form of credit[3].
  • In 1914, Western Union introduced metal charge plates[3].
  • In 1946, the Charg-It card was created by a Brooklyn banker, allowing customers to use the card with select merchants and be billed later[3].
The credit card industry grew rapidly from the 1950s through the late 1960s[1]. By 1970, the BankAmericard (later Visa) had become so successful that it was rolled out worldwide[2].
Over the years, credit cards have evolved significantly, incorporating new technologies such as magnetic stripes (1969), EMV chips (1994), and contactless payments (1995)[3]. Today, credit cards are a cornerstone of the American economy, with consumers carrying over $1 trillion in credit card debt as of 2024[3].
Citations: [1] https://www.bankrate.com/credit-cards/news/the-evolution-of-credit-cards/ [2] https://www.forbes.com/advisor/credit-cards/history-of-credit-cards/ [3] https://www.experian.com/blogs/ask-experian/the-history-of-credit-cards/ [4] https://consent.yahoo.com/v2/collectConsent [5] https://en.wikipedia.org/wiki/Credit_card
write
preview
this territory is moderated
0 sats \ 0 replies \ @supratic OP 5 Jul 2024
thanks for adding more infos and references about credit cards
reply