Category: Credit Cards

History Of Credit Cards In The Us – Understand the history 

Have you ever wondered when consumers first began to use credit cards? Several noted reference works agree that the history of credit cards began back in the 1860s, when various odd shaped pieces of plastic, copper, steel, and other materials became known as “charge coins”. They were usually given out by department stores of that era, and carried the merchant’s logo and a customer number engraved on them. Some department stores and oil companies issued cards in the early 1900s, which, unlike today’s ones, were usable in only a few locations.

Understanding the history behind the Best Cvv Shop availability is essential to learn. You can know everything about them to have the correct number available at the plastic cards. You need to be ensure that the information related to the history is correct and true for the people. 

The Era of the Bank Card

Bank cards were not on the scene until 1946, when a New York banker called John Biggins created a bank card which customers were urged to try. When someone bought something at a store and used the card to pay for it, the bill was then sent over to Mr. Biggin’s bank for processing. The bank paid the store and then requested payment from the customer. It must have been a viable concept, or it would not have lasted into the 21st century. Of course, this card did have its limits, as it was only good at Biggin’s bank, and one had to have an account there to even receive one of the cards. A bank credit card was welcomed at another New York bank in 1951, but again, was only useful to those who had an account at the bank.

Another Step Forward

The Diner’s Club card was developed in 1949, and it was first made of cardboard! This was the first credit card available to almost everyone, and its name give a hint as to what it was mainly used for – entertainment and travel. Its popularity grew quickly, and by 1951, 20,000 people proudly carried the little cardboard cards, which finally were made in plastic ten years later in 1961.

American Express had been around since 1850 as an alternative to the U.S. Postal Service. The company invented traveler’s checks in 1891, and made a weak attempt to create a charge card for travelers as a complement to traveler’s checks in 1946, but put it off until it was realized how popular the Diner’s Club card had become. Galvanized into action, arrangements were made to begin the business with a pleasant purple card in 1958, and the innovation of the first plastic credit card in 1959.

From the 1940s until the early 60s, aluminum or metal plates with the catchy moniker of “charge-a-plates” caught on and were popular with department store shoppers. Charge-a-plates were also issued by some oil companies for the convenience of their customers. Sized like an Army dog tag, the fronts of these plates were machine embossed with each customer’s name and account number, while the backs had a specialized paper inserted into the metal, upon which was printed the name of the store and the customer’s signature.

1966 heralded the first one that could be used for anything, anywhere. Called BankAmericard, it is now the Visa card. Mastercard, formerly Mastercharge, came onto the scene in 1966. These cards could be used by the credit-worthy all over the world.

The history of credit cards is a fascinating glimpse of how a small piece of plastic has revolutionized the world.

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