Credit Card Lowdown: Credit Card History

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Credit Card History

In the 1800’s the earliest recorded history of credit cards was found. The seller wanted a way through which he can keep track of customer purchases given on credit. Instead of making note of their personal details every time, they were given tokens with numbers on it. The storekeeper had to just make note of the token number, every time a buyer purchases anything from the store. For a long time, nothing new happened on the credit card front. In 1951, the Franklin National Bank thought of doing some thing different by issuing credit cards to their customers. It worked on revolving credit account. The customer could borrow money, repay and then borrow it without getting a loan approval again and again. Seeing this, a lot of other banks started following and started offering revolving lines of credit to customers. Next was the launch of credit cards to make purchases at local merchants followed by moving out of the locality. That’s when the credit cards Visa and Master card was created. Credit-cards-info.com Reports:

Needless to say, that the new credit card system was a great success and took firm hold. Today credit cards are a necessity for being able to function. Without a credit history people will have a hard time getting loans from banks, making hotel reservations, renting cars or buying airline tickets. Credit cards have come a long way from being a local commodity to a global entity.