Life devoid of credit cards is unimaginable. It really is a payment technique that has revolutionized the way the consumers and also the service providers for example the hospitality and also the retail market communicate. Because the name suggests, this plastic card delivers with funds on credit for stuff that you simply may possibly choose to buy.
Way back in 1887, an American author and socialist, Edward Bellamy spoke about shopping for commodities having a card in his novel, ‘Looking Backward’.
In 1914, US-based ‘metal card’ for choose consumers with an ‘interest-free period’. Basic Petroleum Corporation followed in 1924. This system of payment became so well known that during the 1920s and 1930s, it spread to other companies including railroad, hotel chains, airline, oil businesses and division stores.
The 1930s saw the launch of your ‘Bell System’ credit card by the American Phone and Telegraph (AT&T) Company.
One card that changed the face of bank card and gave it the ‘global avatar’ was the Diner’s card. The credit card, launched in 1950 could be used for avail of common services, unlike its predecessors.
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This Diners Club Inc card could be used in restaurants, for general travel as well as entertainment. Most merchants began to accept it because it meant more expenditure on the part with the buyers.
In 1951, New-York based Franklin National Bank introduced Charge-It cards. The applicants had to submit a loan application along with the approved buyers were given the card.
Year 1958, the American Express Company entered the bank card business with their version of the universal bank card, having the marketing tagline as “Don’t leave home without the need of it”.
1959, the Bank of America in California launched the BankAmericard, which was a significant event because it brought in the concept of ‘revolving credit’.
By 1967, the Master Charge or as it is known today, the MasterCard International (renamed in 1979) came into existence. This company was a group of four California banks that had come together to form this new entity.
Visa (earlier known as BankAmericard) came in 1977. These new bankcard processing associations expanded their services and increased income potential, and formed mutual relationships with large national or international banks.
In 1966, Barclaycard in the UK introduced the first credit card outside of your US.
This is not to mean that credit cards were preferred worldwide. Even though credit cards gained popularity in countries like the US, Canada and the UK, there were countries where transactions were much more cash-oriented. Or, alternative forms of cashless payments evolved. Carte bleue or the EC-card was introduced in countries including Germany, France, Switzerland, among many others.
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In these places, the take-up of credit cards was initially much slower. It took until the 1990s to reach anything like the percentage market-penetration levels achieved in the US, Canada or UK. In many countries acceptance still remains poor as the use of a credit card method depends on the banking program being perceived as reliable.
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