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McNamara founded The Diners Club, the first credit card company, in 1950.
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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.
Initially targeted at salespeople, the company started charging a $3 annual fee and also charged ...
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 personal credit card business at the same time (MasterCard and Visa), the concept of a universal credit c...
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.
Innovative ideas, like associate cards for married women who wanted to shop in the afternoon using t...
"There's no money in poetry, but then there's no poetry in money, either." ~ Robert Graves
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