Credit cards that we use today have been all around for over half a century. The first credit card appeared in the year 1951 when some of the loan customers of the Franklin National Bank of New York were screened for credit and those who were approved were given a card to make credit purchases. The merchants who participated copied the customer information from the card to the sales slip and then the bank credited the merchant account for the loan.
Later, in the year 1958, The American Express Company began to issue a charge card for travel and entertainment charges which was accepted at the restaurants, hotels and online merchants who participated.
People who had plastic charge cards enjoyed the convenience as well as the line of credit being offered by the new bank credit cards. Merchants found that credit card customers usually spend more than when it came to pay with cash. To accept bank issued card was much safer for the merchant dealing with cash and also less expensive as compared to creating and maintaining merchant-specific credit program.
In the year 1959, Bank of America started to issue the BankAmericard within the state of California and was...
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