History of Credit Cards….§
The first credit cards were issued in the United States in the 1920s by oil companies and hotel chains, and the purpose of these first cards was not the convenience, but to build customer loyalty.
Before plastic era the credit cards (or credit tokens) were made of metal coins or plates, celluloid, cardboard.
The first bank credit card named Charg-It was invented in 1946 by a Brooklyn banker. Unlike today’s cards allowing for purchases with countless third parties all over the world, Charg-It was based on the program between bank customers and local merchants only.
In 1951, the Diners Club issued the credit cards intended to pay restaurant bills to 200 customers who could use the card at 27 restaurants in New York City. These first cards were made of cardboard.
The first American Express cards were launched in 1958. Bank of America issued its BankAmericard later in 1958. In 1976 the BankAmericard changed its name to Visa – a simple, memorable name that is pronounced the same in every language.
Today, consumers carry more than 1 billion Visa cards worldwide with more than 450 million of those cards in the United States.
