In 18th century merchants and consumers exchanged their goods with the concept of credit, utilizing charge plates and credit coins as medium of currency. Such cards were accepted at important business centers in limited locations. At the advent of 19th century the companies as well as retail segments had the privilege of issuing proprietary cards. This ensures customer loyalty and satisfaction as well as endurance for a few years of withstanding capacity with improved earnings.
During late 1940s master card was introduced and during 1950s diners card usage was brought to the forefront and wide usage of credit cards began later in 1950 onwards. Diner’s card was amongst the top most companies in the world after it emerged successful since its establishment in 1950. There were territorial restrictions that problem has been solved these days and credit cards are acceptable throughout the world. The credit cards are advisable for usage except for the high transaction fees that you may have to incur even if you do not use it.
Another credit card by the name visa card has been introduced in 1950s that became master card by the end of 1950s. Diners club had in its ambit 20,000 card holders and after a few years the replacement made its surface in plastic. Diners’ card was made for purchases on credit and it has the capacity to undertake the status of a charge card that would establish its presence in all pervasive manners. The first development of credit cards was developed by Franz N Mc Namqra.
He is an American businessman who found himself without cash at a weekend resort. He along with his friend Sri Blooming Day gathered things for designing a credit card. Fiandlin National Bank of Long Island introduced the credit card in the year 1951 for the first time. Barclays Bank was the first bank to introduce credit cards in the year 1966 in Britain. The credit card business got momentum in sixties. A number of banks started issuing credit cards.
With the success of diners’ cards and master card including visa cards another company called American express introduced its credit card that flooded the market. It is also prevalent nowadays and all these cards are operating in a big way for the development of consumer market with a touch of class. These cards generate a good volume of business that would create an impact on the customer market with a plethora of benefits for involving multiplicities of cross sections of people spanning the world.
There are many other companies such as Barclays, Chase Manhattan, SBI and other companies in Europe and United States of America including Asia to offer wide varieties of rates to suit customers. The offers also come along with some complements as a matter of competitive measure. Work Cited http://www. finweb. com/banking-credit/origin-and-history-of-credit-cards. html http://www. creditcards. com/credit-card-news/credit-cards-history-1264. php