Credit Cards: The Beginning
- The use of credit cards originated in the United States during the 1920s, when individual firms, such as oil companies and hotel chains, began issuing them to customers.
- References to credit cards have been made as far back as 1890 in Europe. Early credit cards involved sales directly between the merchant offering the credit and credit card and that merchant's customer.
- Around 1938, companies started to accept each other's cards. Today, credit cards allow you to make purchases with countless third parties.
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The Popularity of Credit Cards
- Credit cards were first promoted to traveling salesmen for use on the road. By the early 1960s, more companies offered credit cards by advertising them as a time-saving device rather than a form of credit. American Express and MasterCard became huge successes overnight.
- By the mid-70...
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