The use of credit cards is but just an evolution of the ancient merchants’ form of transacting for their various businesses.
It was Edward Bellamy who introduced the concept of the card usage to make purchases. The words “Credit Card” had been mentioned in his novel “Looking Backward” eleven times, and in the book’s sequel named “Equality” three times.
During the 1950’s, Ralph Schneider and Frank Mcnamara invented the notion of making payments to merchants using a card. This gave rise to the foundation and opening of the Diner Club, which is still in existence and operation today.
This had been followed by the opening of Carte Blanche, American Express, and Bank of America’s introduction of the Visa Card.
It continuously evolved until it reached its recent form of using the plastic card that is most commonly known as the Credit Card.
The use of credit cards has its own pros and cons.
Below are some of the advantages:
1. Minimizes risk of loosing cash.
The consumers need only to bring and present the plastic card to make transactions or purchases.
2....
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