Creditcards Ideas - Deepstash

creditcards

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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 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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