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Incredible True Story of the Very First Credit Card

https://www.thoughtco.com/the-first-credit-card-1779328

thoughtco.com

Incredible True Story of the Very First Credit Card
Though the concept of credit has existed longer even than money, it wasn't until 1950 that the first modern credit card was invented.

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The Birth Of The Credit Card

The Birth Of The Credit Card
  • The concept of a multiple-establishment credit card came in the mind of Frank X. McNamara in 1949, when he had forgotten his wallet and was unable to pay for his dinner at a fancy restaurant...

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Convenience In The Pocket

The initial card offered by Diners Club didn’t involve revolving credit, and the dues were to be paid off in full by the end of the month. The credit cards that we see now came much later.

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Status Symbol

Eventually, the Diners Card became a status symbol and more and more establishments began to trust it. The company printed a list of participating merchants for the help of the members.

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The Concept Of A Universal Credit Card

The founder of the card didn’t think this ‘fad’ would last long and sold off his shares in 1952.

With American Express coming in the picture in 1958 and two banks started their pers...

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