<ul><li>The use of credit cards <strong>originated in the United States during the 1920s</strong>, when individual firms, such as oil companies and hotel chains, began issuing them to customers.</li><li><strong>References to credit cards have been made as far back as 1890 in Europe</strong>. Early credit cards involved sales directly between the merchant offering the credit and credit card and that merchant's customer.</li><li><strong> Around 1938, companies started to accept each other's cards</strong>. Today, credit cards allow you to make purchases with countless third parties.</li></ul>

Credit Cards: The Beginning

<p>Credit cards <strong>were not always been made of plastic.</strong> Throughout history, <em>there have been credit tokens made from metal coins, metal plates, and celluloid, metal, fiber, paper and now mostly plastic cards.</em></p>

The Shape of Credit Cards

<p><strong>The inventor of the first bank-issued credit card was John Biggins</strong> of the Flatbush National Bank of Brooklyn in New York.&nbsp;</p><p><em>In 1946, Biggins invented the "Charge-It" program between bank customers and local merchants. The way it worked was that merchants could deposit sales slips into the bank and the bank billed the customer who used the card.</em></p>

First Bank Credit Card

<ul><li>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. Diners Club would pay the restaurant and the credit card holder would repay Diners Club.&nbsp;</li><li>American Express issued their first credit card in 1958.&nbsp;</li><li>Bank of America issued the BankAmericard (now Visa) bank credit card later in 1958.</li></ul>

Diners Club Credit Card And American Express

<ul><li>Credit cards were first promoted to traveling salesmen for use on the road. By the early 1960s, more companies offered credit cards by advertising them as a time-saving device rather than a form of credit. American Express and MasterCard became huge successes overnight.</li><li>By the mid-70s, the U.S. Congress begin regulating the credit card industry by banning practices such as the mass mailing of active credit cards to those who had not requested them.&nbsp;</li></ul>

The Popularity of Credit Cards

When was the first credit card issues? Credit has been around a long time and has come in the form of metal coins, metal plates, celluloid and more.

Stashed ideas

Who Invented Credit Cards?

<ul>
<li>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.</li>
<li>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.</li>
</ul>
<p><strong>McNamara founded The Diners Club, the first credit card company, in 1950.</strong></p>

The Birth Of The Credit Card

Money & Investments

<p>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.</p>
<p><em>Initially targeted at salespeople, the company started charging a $3 annual fee and also charged the establishments 7 per cent for each transaction. The paper-based cards showed tremendous growth in a year, with 20,000 people using it.</em></p>

Convenience In The Pocket

<p>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.</p>
<p><em>Innovative ideas, like associate cards for married women who wanted to shop in the afternoon using their husbands money became popular.</em></p>

Status Symbol

<p>The founder of the card didn’t think this ‘fad’ would last long and sold off his shares in 1952.</p>
<p><strong>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.</strong></p>

The Concept Of A Universal Credit Card

Though the concept of credit has existed longer even than money, it wasn't until 1950 that the first modern credit card was invented.

Money

Incredible True Story of the Very First Credit Card

<p><span>Convenience stores add a huge markup because they don't purchase food in large quantities. They make you pay more for the convenience they provide.&nbsp;</span></p><p><span><b>Unless it's an emergency situation, avoid shopping at convenience stores.</b></span></p>

Convenience Stores

<p><span>Using a cell phone plan that does not suit your needs, or paying for extra services that you do not use can be costing you money each month.<br></span></p>
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<p>Compare and determine which plan provides the most value based on your needs. Get rid of the extra features like text messaging and mobile internet if you are not using them.</p></div>

Cell Phone Plans

<p><span>Soft drinks have one of the highest markups of any restaurant item and thus provide lower value for your money.</span></p>
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<p><b>Dine out, but consider to rather opt for water.</b></p></div>

Soft Drinks at Restaurants

<p><span>If you don't know what fees your accounts are subject to, spend a few minutes finding out.&nbsp;</span></p>
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<p>Examine the rules governing your checking and savings accounts. Consider consolidating bank accounts to avoid unnecessary fees.&nbsp;</p></div>

Unnecessary Bank Fees

<p><span>If you like to pick up your favorite magazine from the local store, consider getting an annual subscription.&nbsp;<br></span></p><p><span>The cost of&nbsp;a couple of issues at the newsstand&nbsp;is enough to cover the entire annual subscription.&nbsp;</span></p>

Magazines

<p><b>Most people should not be paying annual credit card fees.</b></p><p><span>A host of Visa, MasterCard and Discover cards have no annual fee, yet many people pay $100 or more a year for the privilege of holding a premium credit card.&nbsp;</span></p>

Annual Credit Card Fees

Despite the benefits of putting some money away, most people take a passing interest in actually doing it. If you'd like to make regular saving a part of your life, read on to find out how to conquer the first step: finding that extra money.

creditcards

Credit Cards: The Beginning

Who Invented Credit Cards?

The Birth Of The Credit Card

Incredible True Story of the Very First Credit Card