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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"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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