History of Credit Card Companies

Topics: Credit card, American Express, Credit cards Pages: 2 (493 words) Published: October 13, 2010
In 18th century merchants and consumers exchanged their goods with the concept of credit, utilizing charge plates and credit coins as medium of currency. Such cards were accepted at important business centers in limited locations. At the advent of 19th century the companies as well as retail segments had the privilege of issuing proprietary cards. This ensures customer loyalty and satisfaction as well as endurance for a few years of withstanding capacity with improved earnings.

During late 1940s master card was introduced and during 1950s diners card usage was brought to the forefront and wide usage of credit cards began later in 1950 onwards. Diner’s card was amongst the top most companies in the world after it emerged successful since its establishment in 1950. There were territorial restrictions that problem has been solved these days and credit cards are acceptable throughout the world. The credit cards are advisable for usage except for the high transaction fees that you may have to incur even if you do not use it. Another credit card by the name visa card has been introduced in 1950s that became master card by the end of 1950s.

Diners club had in its ambit 20,000 card holders and after a few years the replacement made its surface in plastic. Diners’ card was made for purchases on credit and it has the capacity to undertake the status of a charge card that would establish its presence in all pervasive manners.

The first development of credit cards was developed by Franz N Mc Namqra. He is an American businessman who found himself without cash at a weekend resort. He along with his friend Sri Blooming Day gathered things for designing a credit card. Fiandlin National Bank of Long Island introduced the credit card in the year 1951 for the first time. Barclays Bank was the first bank to introduce credit cards in the year 1966 in Britain. The credit card business got momentum in sixties. A number of banks started issuing credit...
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