CreditCards

Interesting facts: -A credit card that could be used at more than one merchant was not invented until 1950. It all started when Frank X. McNamara and two of his friends went out to dinner. Merging two concepts from that dinner, the lending of credit cards and not having cash on hand to pay for the meal, McNamara came up with a new idea, which was a credit card that could be used at multiple locations. -The Diner’s Club card came about in the 1950’s and was designed to aggregate purchases from different locations on a single card. American Express and Carte Blanche were two credit cards established shortly thereafter. -Credit cards had not always been made of plastic. They were also made from metal coins, metal plates, and celluloid, metal, fiber and paper. -Credit cards during the 1950s were mainly promoted to traveling salesmen.

Historical analysis: Diner’s club introduced it in 1950. Later American Express issued in 1958. The Credit card is a plastic card. This eliminates the need to carry cash. One can pay for goods and services by swiping the Credit card, and use the Credit card to withdraw cash from automated teller machines. Credit cards are used universally in this age. They also created new problems for people who were not responsible enough to know their limits. Debt became an increasing problem with the creation of credit cards.

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