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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, where he was dining with his relatives.
- Store-specific credit accounts were used at that time, but a single credit card capable of handling all merchant establishments, and involving a middleman company, was never thought of before.
McNamara founded The Diners Club, the first credit card company, in 1950.
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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.
Initially targeted at salespeople, the company started charging a $3 annual fee and also charged ...
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314 reads
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 personal credit card business at the same time (MasterCard and Visa), the concept of a universal credit c...
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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.
Innovative ideas, like associate cards for married women who wanted to shop in the afternoon using t...
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285 reads
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"There's no money in poetry, but then there's no poetry in money, either." ~ Robert Graves
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Diners Club Credit Card And American Express
- 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 as a way to pay restaurant bills (1950). A customer could eat without cash at any restaurant that would accept Diners Club credit cards. Dine...
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