Frank McNamara and Ralph Schneider — founders of Diner's Club — are widely reported to be the inventor of the first credit card introduced in 1950.
McNamara had the idea after forgetting to bring his wallet to dinner with clients. Presumably embarrassed, he realised he wasn't the first ever to forget their wallet.
Initially, the card was limited to paying for meals at participating restaurants. The idea caught on and soon expanded to other businesses.
When was the first bank card issued?
John Biggins, a banker at Flatbush National Bank, created the "Charg-It" card in 1946. This card was available exclusively to members of the Flatbush National Bank and was accepted at select local stores.
The card facilitated cash-less purchases in a way that's reminiscent of modern-day buy now, pay later. After approving the purchase, the user would take their goods, and the store would lodge a receipt with the Flatbush National Bank branch. The bank would pay the store for the goods and then bill the customer, who would pay the bank.
When was the first American Express credit card issued?
American Express introduced its first credit card — which took the title of the first to be issued by a bank — in 1958. It could be used at businesses where American Express money transfers were accepted.
When was the first Mastercard credit card issued?
The first Mastercard credit card was introduced in 1966 under the “Interbank” brand and was later renamed “Mastercharge” in 1969 and then again to "MasterCard" in 1978.
When was the first Visa credit card issued?
The first Visa credit card, known as BankAmericard from Bank of America, was issued in 1958 when they delivered 65,000 unsolicited credit cards to residents of Fresno, California.
