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History Of Credit Card

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                                    The History of Credit Cards and its Invention

       By Neglog
       Dated: Jan 13, 2008

       The method of credit involves sale of goods and services in which the buyer does not require money.

       The offering of credit to the consumer can be automated by means of a credit card. Shopping transactions
       are speeded up by credit cards by carrying an identifiable number. Had it not been available a credit
       purchase would have turned into a laborious process of recording your identity, address and repayment
       terms.

        The origin of credit cards were in the United States by 1920’s where customers were issued with credit
       cards by individual firms like hotels and oil companies, although references about credit cards can be found
       as early as 1890 in countries such as Europe.
        In earlier credit cards sales occurred between the customer and the merchant, who offered the credit card.
       The companies started accepting cards of each other by 1938.Today purchases can be made using credit
       cards from numerous third parties.

        Credit Card Shapes

        Plastic is not the only material for the construction of credit cards. Early tokens of credit seen its creation
       paper, metal, fiber and celluloid.

        John Biggins was the inventor of the first credit card to be offered by a bank. He also invented a program
       called charge it between local merchants and bank customers.
        The issue of credit card by Diners club occurred in 1950 in United States. Frank McNamara who was the
       founder of Diners club did the invention. A customer could eat at restaurants without cash that accepted
       credit cards of Diners’ club. The restaurant would get the payment from diners club who were in turn paid
       by the holder of the credit card. Technically rather than being a credit card it happened to be a charged card,
       as the payment had to be made fully by the customer when it was billed.

       The issuing of first credit card of American express happened in 1958. This year also saw the birth of
       BankAmericard (now commonly known as visa).

        Credit card Popularity

        The first promotion of credit cards was for salesman who had use for them on roads. Early 1960s saw the
       offering of credit cards by more companies, which advertised them
        as a device that saved time instead of as a credit form. Master card and American Express saw themselves
       becoming hugely successful overnight.

        Active credit cards being mass mailed to those who did not request them and such practices were banned
       by US Congress in the mid 70’s. Although all regulations were not friendly for the consumer. Nowadays
       credit card lenders keep on increasing the interest rates with no explanation or warning. Lenders are always
       on the look out for employment of new tactics for extracting larger penalties for the slightest infringement
       of the payment rules. The most important factor is to read the agreement of credit card rules to ensure there
       is no trouble from it afterwards. However it is a requirement most people fail to do.
        Another is the payment of only required minimum that leads to increase of credit card debts.



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Credit card is a kind of money which we can use anytime and any where to fullfil our needs if we do not
have such amount of money.
 To know more about Credit Cards, please visit http://www.creditcardapplication4apply.info

Category           Finance
Tags               credit card application, online credit cards, apply for a credit card, credit card tips, best credit cards
Email              Click to email author
Website            http://www.creditcardapplication4apply.info
Phone              2122223454
Address            3234 Riveria Apartment IInd Street
                   Near Admond Park
State/Province     New York
Zip                12533
Country            United States




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