The Concept Of A Universal Credit Card - Deepstash

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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 personal credit card business at the same time (MasterCard and Visa), the concept of a universal credit card turned into a multi-billion dollar business.

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MORE IDEAS FROM THE SAME ARTICLE

  • 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 t...

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.

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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These ideas help to understand why credit cards remain a popular means of payment despite being a form of debt.

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