Credit cards have nowadays insinuated into every corner of our lives, and it is rare that an adult these days not to perform at least one card. Besides being used in the traditional way of procuring goods or services in person, is also used now online, by telephone, by writing checks, and even to withdraw cash from ATMs. People use them in all sorts of ways – as a means of loans, as a convenient payment method, and even earn money through payment or reimbursement programs.
Despite its ubiquity in modern life, credit cards have a fairly short history, with the first generals of the credit card being introduced less than 50 years purpose. In this article, we will discuss the origins of credit cards, and then how they have developed over the years with the emphasis on the UK market.
The first credit card was launched by Diners Club in 1951 and was limited to use in twenty seven New York restaurants. It was a great success initially, with only 200 cards being issued. The real story of credit cards began in 1958 with the introduction of two new major products. The first was the credit card from American Express, which had more than one million subscribers within five years of being launched. Continue reading ‘A Brief History Of Credit Cards’ »