It’s hard to imagine a world without credit cards. They are such an integral part of our lives that it’s hard to remember what life was like before they were invented. But believe it or not, credit cards have only been around for about 60 years! Here is a look at the history of credit cards and how they came to be such an important part of our lives.
The first credit card was invented in 1950 by Frank McNamara. McNamara was a businessman who often found himself in situations where he didn’t have cash on hand to pay for meals or other expenses. He came up with the idea of a credit card as a way to make life easier for people in similar situations.
The first credit card was called the Diner’s Club card and it could only be used at participating restaurants. To use the card, customers would simply present it to their waiter when they received their bill. The restaurant would then send a bill to Diner’s Club at the end of the month and Diner’s Club would in turn bill the customer.
The Diner’s Club card was a huge success and soon other businesses began to offer similar cards. In 1958, American Express launched its own credit card and in 1959, Visa followed suit. Today, there are dozens of different credit cards available, each with its own features and benefits.
Credit cards have come a long way since they were first invented. They are now an essential part of our lives and we couldn’t imagine living without them!