About The The History of Credit Cards
The concept of using a credit card came to be by Edward Bellamy in his 1887 novel Looking Backward. He wrote about a person having a credit card and making purchases such as we do today.
It was however, first used as a way of selling gas to an ever-increasing number of vehicle owners in the United States of America in the 1920s. These cards were initially known as charge cards and in time various companies allowed the use of different cards. In the early days it was quite easy to falsify a credit card, as a number of these cards were printed onto a type of card, and not plastic like they are today.
During the 1930s and 1940s another form of the credit card occurred. It was known as the Charga-Plate and was made of a fairly small piece of metal, which had the owners name, city of residence, and the state in which that person lived imprinted into it. It also contained a small piece of card for a signature. Only the large retailers made use of these, and they were only issued to their everyday clients. Most often, the Charga-Plates were kept at the store.
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 Bank Americard. MasterCard came into the world in 1966 and it was first known as MasterCharge.
With development of high security and safety in banking system in the United States of America, the credit card market rose. Travellers gained benefits of being able to use credit cards safely and easily all over the world.
The U.K. was the first country to release the credit card in 1966. Other countries were not still agreed to it, as reliability and security of it was also in question and people also were giving their preferences to cash payments.
Embedded microchips are a recent technological advance that has helped reduce credit card fraud. Affinity cards that are connected to certain companies or groups are another new innovation.
The factors that influence higher credit are amount of money you make and your amount of credit card expenditures.
It was however, first used as a way of selling gas to an ever-increasing number of vehicle owners in the United States of America in the 1920s. These cards were initially known as charge cards and in time various companies allowed the use of different cards. In the early days it was quite easy to falsify a credit card, as a number of these cards were printed onto a type of card, and not plastic like they are today.
During the 1930s and 1940s another form of the credit card occurred. It was known as the Charga-Plate and was made of a fairly small piece of metal, which had the owners name, city of residence, and the state in which that person lived imprinted into it. It also contained a small piece of card for a signature. Only the large retailers made use of these, and they were only issued to their everyday clients. Most often, the Charga-Plates were kept at the store.
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 Bank Americard. MasterCard came into the world in 1966 and it was first known as MasterCharge.
With development of high security and safety in banking system in the United States of America, the credit card market rose. Travellers gained benefits of being able to use credit cards safely and easily all over the world.
The U.K. was the first country to release the credit card in 1966. Other countries were not still agreed to it, as reliability and security of it was also in question and people also were giving their preferences to cash payments.
Embedded microchips are a recent technological advance that has helped reduce credit card fraud. Affinity cards that are connected to certain companies or groups are another new innovation.
The factors that influence higher credit are amount of money you make and your amount of credit card expenditures.
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 Credit Counseling at
11:14 AM
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