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¶ … History of Credit Cards
The first issuers of credit cards were post-World-War I-era merchants whose customers began arriving from more distant locales by the first automobiles that were widely available to ordinary Americans (Stephy, 2009). Originally, they were intended to allow customers to make payments on unplanned purchases without having to return to their homes to retrieve their cash or their checkbooks (Stephy, 2009). In issuing credit cards, department stores and hotels were actually following the practice first introduced in modern times by gasoline service stations; they began issuing credit cards precisely because their products and services were most in demand by consumers who were too far from home to expect them to go back home for their money (Woolsey & Starbuck-Gerson, 2009). Initially, those credit cards were issued by individual gasoline companies and they were only good for those specific chains (Woolsey & Starbuck-Gerson, 2009). Even that practice had much earlier roots, dating the better part...
Biggin's card was much more restrictive than modern credit cards because it was only available for customers who maintained bank accounts at the issuing bank. Still, in principle, they worked the same way as modern credit card: namely, customers presented their cards to merchants and the banks guaranteed the payment to the merchant and then settled up the account later with the customer (Woolsey & Starbuck-Gerson, 2009). Several years later, in 1950, Diners Club began issuing the first credit card that more closely…
References
Stephy, M.J. "A Brief History of: Credit Card." Time (April 23, 2009). Retrieved online from: http://www.time.com/time/magazine/article/0,9171,1893507,00.html
Woolsey, B. And Starbuck-Gerson, E. "The History of Credit Cards" (May 11, 2009)
Retrieved online from:
http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php
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