The inventor of the first credit card issued by the bank was John Biggins, a banker at the Flatbush National Bank in New York. Introduced in 1946, this card is called arge Charge-It..
For the payment, the card user had to have an account at the bank where Biggins worked and purchases were only available locally. Technically, it was actually a bank card, because the card had to be paid in full at the end of each month.
In the 1950s, Diners Club Card became the first company to offer a credit card that can be used in multiple stores. Although the credit card was accepted in only 14 restaurants in New York and distributed to only 200 people, in a year, more than 20,000 people used it.
By the mid-1900s, oil companies and other stores began issuing their own cards, but the cards could only be used in certain stores. While modern cards are often used for ease of payment, these first cards are designed to improve store loyalty and customer service.
The disadvantage of these cards was that people should bring dozens of different cards with them during their shopping days.
Initially, American Express was a freight forwarder founded in the 1850s as a rival to the US Postal Service in New York.
He specialized in money orders and traveler checks he invented in 1891. He moved to California from his founders Wells and Fargo.
The first general credit cards were made of thick paper and had a $ 300 limit alone.