Credit Card History
In our earlier post, we have explained whose first idea it was of a credit card that could be used in multiple establishments. However, we have also noted that the idea of credit cards already existed even before Frank X. McNamara had his brilliant idea.
This time we will be exploring some of the different forms of credit cards before the time of Mr. McNamara.
1920’s Credit Cards
Encyclopedia Britannica has it that credit card use originated from the United States during the 1920’s. Individual firms such as oil companies and hotel chains were already issuing them to customers. Although references about credit cards can be found as early as 1890 in countries such as Europe.
1946 Credit Cards
John Biggins of the Flatbush National Bank of Brooklyn in New York was credited to be the promoter of the first bank Credit Card. John Biggins created the “charge-it” program between bank customers and local merchants. Merchants could deposit sales slips into the bank and the bank billed the customer who used the card.
1950 Credit Cards
In 1950, the Diners Club issued their credit card in the United States. The Diners Club credit card was invented by Diners’ Club founder Frank McNamara and it was intended to pay restaurant bills.
Basically that’s it. The credit card has evolved over the years to become one of the most indispensable consumer products.
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