The History Of Credit Card

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Image Soure: Creditcollectibles.com

Here is an interesting fact on the birth of Credit Card:

As the story goes, 60 years ago, Frank McNamara, the founder of what’s considered the first credit card, was eating out at a restaurant, and when the check arrived, he realized that he had not brought along his wallet. The embarrassing situation led him to eventually create the Diners Club card, which allowed members to pay restaurant bills monthly. The card itself was wallet-sized and made of paper and wasn’t any fancier than a library card. But the idea behind it-a third party facilitating a “buy-now, pay-later” process-was revolutionary.

Visit this slideshow for a visual history of the credit card. How crazy was the credit card hype? At the height of the credit card popularity, Apple Computers (Apple Computer Credit Card) and some universities in America offers Credit Cards with no annual fees and cash back.

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Image Source: CreditBloggers.com

The idea behind it-a third party facilitating a “buy-now, pay-later” process-was revolutionary, and the best part is, it still remains the same after almost 70 years.

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