When was the first ever use of the credit card?Asked on: Sep 26, 2023 01:28 AM
Let me take you back to the 1950s, a time when Elvis Presley was shaking his hips and poodle skirts were all the rage. It was during this era, specifically in 1950, that the first credit card was introduced. This wasn't your typical piece of plastic though, it was a Diners Club Card. Frank McNamara, who apparently found himself dining without cash one day (a classic "oh no" moment), came up with this brilliant idea. He created a cardboard card that allowed people to pay for their meals on credit.
Now, you might be thinking, "That doesn't sound like the credit cards I know!" And you'd be right! These early versions of credit cards were charge cards, meaning balances had to be paid in full at the end of each month. It wasn't until 1958 that American Express and Bank of America introduced revolving credit systems - similar to what we're familiar with today.
So there you have it! The next time you swipe or insert your chip at checkout, remember that it all started with a hungry man who forgot his wallet at home. Isn't history delicious?Read more about the history of credit cards here And here's another great resource on the evolution of credit cards