Credit cards were first discovered by Frank McNamara, an ordinary American businessman. Let's take a look at the history of the invention of credit cards.
Everyone thinks that credit cards should be related to the financial industry, but this is not the case. When credit cards first appeared, they had nothing to do with the financial industry or even the economic industry. The earliest issuer was not a bank. Although credit cards are now indispensable in our daily life, most people in Kyrgyzstan do not understand the development history of credit cards.
Credit cards originated in the United States and were popularized by some local traditional industries, such as shops. At the beginning of the 20th century, the economic development in the United States was very prosperous, so the circulation of various commodities in the market was greatly improved. At that time, many people could not buy very luxurious goods. Therefore, some thoughtful businessmen have come up with an idea that they can pay in installments instead of once. The payment method at that time was exactly the same as the current credit card installment payment method.
For example, if you want to buy an expensive thing, you can 12 or 24 installments instead of paying all the money at once. At that time, this payment method was not regarded as a credit card, but a form similar to a loan. However, there are many problems in this form. Because this way of installment payment was invented by some thoughtful businessmen themselves, they had to collect all the money from consumers within the specified time and bear the risk that consumers might not pay, so the business at that time was more complicated.
Later, it was not until 1950 that businessman Frank McNamara founded a club. He and his good friends figured out a way to get a membership card when they entered the club. This membership card can be swiped in many stores, and then the money owed by the card can be refunded. At that time, the credit card was not plastic as it is now, but iron.
The above story only represents my personal opinion. Please forgive me if there is any mistake.
The history of credit cards (2) The credit cards of diners in their previous lives.
The appearance of credit card in the United States is not accidental, it is closely related to the evolution of American monetary system, the rise of consumer credit and the development of American economy. /kloc-in the middle of the 0/9th century, the degree of industrialization and urbanization in the United States was greatly accelerated, the scale of enterprises was rapidly expanded, and commercial trade was quite developed. There are spontaneous installment sales and consumer credit behaviors among the people. By the 1920s, some large retailers had provided monthly installment accounts to some high-quality customers, which greatly increased consumers' credit consumption activities. It is in this context that many credit certificates similar to credit cards emerge as the times require, which can be used to buy goods on credit, and consumers get a kind of advanced enjoyment.
Embarrassed experiences gave birth to credit cards.
In daily life, credit card is the oldest embryonic form, but when it is expressed by a small card, it finally casts its glory. Some media once listed credit cards as one of the greatest inventions of human society in the 20th century. Compared with airplanes and computers, this praise is really not excessive.
Under normal circumstances, it is very embarrassing to have no money to invite friends to dinner. For ordinary people, I wish I could dig a crack in the ground. However, the same embarrassment has made an extraordinary person and created a miracle in the financial sector-he is Frank McNamara, president of a credit company in new york.
Although the "uncle foodie" in the illustration is not good at eating, it should not be underestimated. Without this uncle, we might not need a credit card today. He is McNamara, the founder of DinersClub. From the deduction of many materials, a story is written: Frank McNamara, the president of a credit company in new york, USA, one day hosted Alfred Bloomingdale and Snyder in a restaurant in new york from 65438 to 0949. After a hearty meal, Frank McNamara found that he didn't bring his wallet out at all, which made the host and guests extremely embarrassed. After McNamara's wife made a special trip to pay the bill, embarrassed Frank discovered the problem of monetary payment, so he had the idea of establishing a credit card company.
In fact, according to relevant information, Diner's idea of credit card gradually developed from many conversations between Schneider and McNamara. Schneider was also an important member of DinersClub at that time. He is a lawyer himself and McNamara is his client and friend. Both of them are active figures in new york's business circles. They realized that their previous personal credit business needed to be improved, and finally set their goal on issuing "credit card", a new credit tool. As a result, the Diners' Credit Card, which was born later, undoubtedly provided a convenient means of payment for business travelers, and recorded items such as meals and accommodation that were reimbursed to the company.
1 In the spring of 1950, McNamara and his partner Schneider jointly invested110,000 yuan to set up the first credit card company-"Diners Club International" in new york, which was later reorganized into Diners Club Credit Card Company. Diners Club implements the membership system and provides members with a card that can prove their identity and ability to pay. Initially, they signed an acceptance agreement with new york 14 restaurants to distribute "Dinka" to specific people. Members can charge their accounts in the restaurant with their cards, and then Dalai Company acts as a payment intermediary to delay the settlement of accounts between consumers. The prototype of credit card was born.
On the first anniversary of issuing cards, DinersClub has 42,000 cardholders, and each cardholder has to pay an annual fee of $65,438 +08. At this time, a total of 330 restaurants, hotels and nightclubs accept DinersClub, and these merchants have to pay about 7% of the cardholder's bill. 195 1 In March, DinersClub handled a transaction amount of $3 million and made a pre-tax profit of $60,000. By 1956, the annual transaction volume of Dinka exceeded 290 million US dollars, and the number of special merchants reached 9,000, covering tourism and entertainment merchants. During the period of 1958, the annual transaction volume exceeded $465 million, and the profit of $40 million came from the discount rate of merchants and the annual fee of cardholders. Dinka established its leading position in the industry in one fell swoop.
1958, Schneider (left) and Alfred Bloom (Zhongzhan), one of the founders of Dinka, are signing a cooperation agreement with SheratonHotels.
Daleka struggled forward.
Shortly after the issuance of Dinka, it faced fierce market competition. NationalCreditCard, Inc. started its credit card business on 195 1, but declared bankruptcy on 1954; From 65438 to 0955, many credit card companies such as Trip-Charge began to operate, which brought strong market competition resistance to the development of dining cards. In particular, 195 1, FranklinNationalBank issued a credit card, which is the first time for the bank to issue a credit card. About 100 banks have also issued credit cards. Of course, this kind of credit card was only a debit card that paid the bill in full every month at that time, but it could not stop the historical trend that banks began to issue credit cards.
After the issuance of 10 Dinka, only Dinka survived as a franchise company, and also acquired some other credit card companies that failed at that time. 1958, a new competitor appeared, which had a great impact on the future credit card market, that is, AmericanExpress, which became a crucial year in the development history of the credit card industry.
Although Dinka has experienced operational risks and fierce competition from the market, Dinka is still striving to maintain its monopoly position in the tourism and entertainment (TE) industry for nearly ten years, and reached its peak in the early 1960s.
The fate of the great Lycra.
In the 1970s, DinersClub began to turn around and go downhill. On the one hand, the shrinking of the whole industry has caused a large number of cardholders to give up using Diners' Cards; On the other hand, there are huge problems in their own operation; On the third hand, the fierce industry competition and a large number of banks involved in the credit card field have made the business situation of DinersClub fall into a trough. Although DinersClub never gave up its efforts to save itself in the late 1970s, it ended in failure for various reasons. 1980 65438+In February, DinersClub was acquired by Citibank, and it completed its independent development for 30 years.
Historical Evaluation of Dinner Club
Although Dinka is still in operation, it is no longer brilliant. However, no matter what the status quo of DinersClub is today, it is undeniable that Diners Club, as a pioneer of modern credit card industry, has a historical position. Frank McNamara, Alfred Bloom and Ralph Snyder have made indelible historical contributions to the birth, formation and development of credit card industry.
It is the credit card era initiated by Dinka that laid a solid foundation for the development of credit card industry and even the birth and development of credit card giants such as VISA, MasterCard, AE, MBNA, CapitalOne and DiscoverCard.
Amazon actually found photos of Alfred Blooming, the founder of Dinka, and his wife, as well as photos of his tombstone. Let's remember Frank McNamara, Alfred Bloom and Ralph Snyder, three great men who started a paid era.
To be continued: the history of credit cards (3) American Express Card
What is the origin of credit cards?
What is the origin of credit cards?
Credit cards originated in America in the early 20th century. They are made of metal, and their distribution objects and use places are quite limited. 195 1 year meal card came out, which laid the embryonic form of modern credit card. At that time, the cardholder only needed to show the card when spending, and Diner's Card Company paid for the account and then charged the cardholder money. Because of convenience, credit card business has gradually expanded to hotels and airlines, and card issuers have also expanded from Dinka Company and American Express Company to banks.
1965, BankofAmerica, which developed credit card business, began to expand its credit card business, and licensed its trademark to other banks in the following year. BankAmericard with blue, white and gold patterns was released at that time. Since then, Bank of America has further expanded its credit card business outside the United States. However, because BankAmerican was too Americanized and unpopular with foreigners, 1977 BankAmerican officially changed its name to visa, which was also the first official credit card.
The real popularity of credit cards in Taiwan Province Province has only been nearly ten years. International credit card organizations such as visa, MasterCard, jcb, Diners Card and AmericanExpress are trying to seize this vast market.
Credit cards originated in American business and catering industry. 19 15 years, in order to expand sales, attract business and facilitate customers, some shops and restaurants in the United States adopted a "credit chip", which was similar in shape to a metal badge and later evolved into a card made of plastic as proof of customers' shopping consumption. This is the earliest credit card sprout in the world. In 1950s, with the rapid development of capitalist economy, the level of personal consumption was greatly improved, and the wide application of computer and communication technology in banks provided a good environment and conditions for banks to develop credit card business. 1952, Franklin National Bank of California issued its first bank credit card. By 1959, more than 60 banks in the United States had issued credit cards. By the 1960s, credit cards were also popular in Britain, Japan, Canada and European countries. Since 1970s, some developing countries and regions have also started to issue credit cards, such as Hongkong, Taiwan Province, Singapore and Malaysia. At the end of 1970s, China's foreign economic and cultural exchanges were expanding day by day. In this context, many people brought the credit card, a popular payment method abroad, to China. In order to meet the needs of reform and opening up, some domestic banks began to set foot in credit card business. During the period of 1978, Bank of China Guangzhou Branch took the lead in signing an agreement with Bank of East Asia and began to act as an agent for overseas banks' credit card business. After handling the case, the Pearl River Card was issued by Zhujiang Sub-branch of Bank of China 1985. 1986, Bank of China issued the Great Wall Credit Card, which filled the blank in the financial history of China. When the People's Bank of China carried out the reform of bank settlement system on 1988, credit cards were brought into the new bank settlement system as a new settlement method, which laid the foundation for the further development of credit cards in China. The history of credit cards can be traced back to the early 20th century, the birthplace of credit cards (America). But at that time, the cards were all made of metal, and the distribution items were limited, which was limited to some places. For example, 1924, General Petroleum Company of the United States launched petroleum credit cards for employees and specific customers, which were presented to customers as VIP cards as a means to promote petroleum products. Later, it was also issued to the general public, which attracted other oil companies to follow up because of its good effect. Telephone, aviation, railway companies and other industries have followed suit, and the credit card market has become active. The development of credit cards has suffered two setbacks. First, during the great American economic panic, many companies suffered losses due to bad debts and credit card fraud. Second, during World War II, the Federal Reserve Board banned the use of credit cards during the war. However, none of these can stop the development of credit cards. At that time, the use of credit cards was limited, and the rudiment of modern credit cards was basically available until 195 1 came out. When the cardholder shows this card for consumption, there is no need to pay cash. Instead, Dinka will save money for the cardholder and ask merchantdiscount, and then charge the cardholder a monthly fee. Its business scope has gradually expanded from the initial restaurants to hotels, airlines and other tourism-related industries and general retail stores. With its rich travel experience, AmericanExpress began issuing cards on 1958 and expanded its business scope to areas outside the United States. At this time, sensitive bankers also feel the convenience of credit cards. /kloc-in the 1950s, nearly 100 banks joined the ranks of issuing cards. However, due to the limited business volume, they were confined to the local area and did not charge annual fees to cardholders, making ends meet. A number of banks have withdrawn one after another, and only small and medium-sized financial institutions survive on the edge of profits. These surviving banks began to seek innovation and change. For example, BankofAmerica in Los Angeles, 1959 began to promote credit cards throughout California; The First National Bank of San Francisco, also located in California, was computerized in the same year. During this period, the bank also provides a revolving credit payment method, which makes cardholders pay more flexibly and the bank has more interest income. After that, cardholders gradually got used to using circle credit, and the development of bank credit cards began to flourish.
Understand the meaning of credit card installment unrecorded amount.
That is to say, you have to deduct the part that has been repaid from the total installment, and the rest will continue to be repaid. Simply put, how much money do you have left is the amount that has not been recorded in this issue.
What is the "black gold credit card" of a credit card?
The black credit card named Ultima of Citibank and the black credit card named Centurion of American Express Company were launched in 1999, which was called "the king of cards" by the insiders. Some people say that only with this kind of black card can we fully show the "distinguished identity" of the card owner.
Bank credit card.
Guangfa My Guangfa Card 2W only provides business cards, work permits and ID cards. I am not a civil servant, but the design director of an ordinary company.
About credit cards, please.
Hello, the last thousand is overdrawn with interest. If you can't repay on time, you can't apply for a credit card.
I suggest you go to the counter to increase the quota. In your case, it is no problem to raise the quota to 5 thousand. If you want to increase the quota. Improve your financial ability.
I wish you a happy life.
20 points for handling credit cards in Henan ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
No problem. If there are no outlets, you can download the application form online, fill it out truthfully and mail it to the credit card center. In your case, the quota application of 10000 may not be 100%, and 5000 is absolutely no problem.
What is the cvv of the credit card?
The security code of credit card is also called cvv code and cvv2 code. It means that the signature column on the back of the credit card has seven digits, and the last three digits are the security code of this credit card.
What is the CVC of the credit card?
Introduction of credit card verification code CVC:
CVC(CardVerificationCode) is an additional code printed on the back of a credit card, also called CVV(CardVerificationValue), which is the verification value of a credit card, and some are called CID, which is a credit card security code or a personal security code. All names refer to the same verification code.
The display position is on the back of the credit card, and the top of the signature is displayed in italics. The first four digits are, and the last three digits are the verification codes for commercial banks to ensure the security of bank card passwords. CVV2, CVC2, CVN2 and CSC2 are verification codes, which are used by bank cards for transactions in indirect credit card consumption occasions, such as online payment. CVV2, CVC2, CVN2 and CSC2 can identify whether there is a bank card transaction. It can generally be seen in the last three digits of a series of signature columns on the back of bank cards. The UnionPay standard card organized by UnionPay is called CVN2, MasterCard is called CVC2, VISA is called CVV2, and AE American Express is called CSC2. The principle of generating the verification code corresponding to its name is the same, but the names of different institutions are different.
What stages have credit cards gone through?
The Evolution of the First Credit Card in China (20065438+0 AUG19 AUG14: 49)
From June 65438 to June 0985, China Bank issued China's first credit card "BOC Card" in Zhuhai, and China people's own credit cards were born.
1In June, 1986, Bank of China issued its first Great Wall card in Beijing. In June 5438+10, the Great Wall Card was issued nationwide. It ended the history that there was no credit card in China, and broke the traditional payment method of "cash on delivery" that China has been using. As a new type of "electronic money", the issuance of the Great Wall Card opened the electronic era of payment and settlement in China.
1Feb. 987, Zhuhai Branch of Bank of China took the lead in launching ATM service in China, breaking through the traditional practice of counter service.
1987 In March, Bank of China joined mastercard international and became the first China member of the organization. In June 5438+10 of the same year, China Bank joined VISA International Organization.
1In June, 1988, China Bank issued the Great Wall MasterCard foreign exchange card, which can be used by more than10,000,000 merchants in more than 200 countries and regions around the world, and China credit card began to go global.
1In August, 1996, Bank of China issued the first RMB Great Wall electronic debit card with international standards.
1In August, 1999, Guangdong Branch of Bank of China took the lead in issuing a real credit card-Great Wall Consumer Credit Card (Debit Card) in China, which indicated that the development of credit card industry in China was further in line with international standards.
In March, 20001,Bank of China launched the Great Wall Platinum Card for the first time.
What are the types and functions of credit cards?
Credit cards have long been a part of our daily economic life, so what is the use of credit cards? What is the difference between them and ordinary bank cards?
1. What is a credit card?
Credit card is a non-cash transaction payment method and a credit service provided by the banking industry. Banks or credit card companies will issue them to cardholders according to their credit and financial resources. Cardholders do not need to pay cash when using credit cards, but will make repayment on the billing date. Except for some credit cards combined with financial cards, credit cards are different from debit cards and ATM cards, and credit cards will not directly deduct money from users' accounts.
2. What's the difference between a credit card and an ordinary bank card?
1, credit cards can be overdrawn, and savings cards must deposit a certain amount before they can be consumed.
2. You can choose confidential payment when swiping the card, and you must enter the password for the savings card.
The money deposited in the credit card has no current interest, while the money in the savings card has current interest.
4. There is a handling fee for cash withdrawal by credit card, but no handling fee for cash withdrawal by savings card.
The annual fee of credit card is relatively high. Some bank savings cards have annual fees, and most banks are exempt from annual fees.
It is more difficult to apply for a credit card than a savings card. You need proof of income to apply for a credit card, but you can apply for a savings card as long as you have civil capacity.
Third, the history of credit card development.
The earliest credit payment appeared in Britain at the end of 19. In view of the fact that rich people bought expensive luxury goods but didn't bring so much money, the British clothing industry developed a credit system, which used record cards to get hot goods back as soon as possible when shopping. In 1950s, the first credit card for the public appeared. McNamara, a credit expert in Manhattan, USA, organized the Diners Club. After being allowed to become a member, he can take a food and beverage recharge card to 27 designated restaurants for consumption. This is the earliest credit card.
Since then, more and more partners have signed contracts, and the scope of services that can be temporarily overdrawn is also growing. People have also become accustomed to this convenient transaction form without carrying cash, which has promoted the arrival of bank credit cards. Franklin National Bank was the first bank to issue credit cards, and then the development of credit cards was standardized and eventually became a part of our daily life.
Credit card history
Credit card history
Credit card had a similar concept as early as the middle of18th century. But it was not until the early 20th century that the form of physical cards appeared.
At the beginning of the 20th century, American AutherMorris invented the credit card, which is made of metal. Although the distribution target is limited and the use place is limited, it does attract large enterprises to launch credit cards because it advertises "enjoy first, pay later". 1924 General Oil Company of the United States issued the "Petroleum Credit Card", which was originally used as a VIP card for employees and specific customers of the company. Because of the good response, it was later popularized to the general public as a means to promote oil products. In the fierce competition, other oil companies have also launched various credit cards. Since then, the credit card market has flourished, and other industries, such as telephone, aviation and railway companies, have also introduced credit cards to attract customers.
However, due to the economic panic in the United States, many card issuing companies suffered losses due to bad debts and credit card fraud, which hindered the credit card business. During World War II, the Federal Reserve Board of the United States ordered the prohibition of credit cards during the war.
It can be said that the embryonic form of modern credit card was formed after the advent of DinersCard in 195 1. The card company of the diner pays the cardholder in advance and charges the merchant a handling fee. This model has been used to this day. The scope of stores has gradually extended from catering industry to general retail industry and tourism-related industries. From 65438 to 0959, AmericanExpress began to issue cards, and with rich travel experience, it successfully expanded its business scope to areas outside the United States.
/kloc-The development of credit cards in the 1950s not only established the consumption that cardholders do not need to pay in cash, but also established the model that card-issuing banks charge merchants discounts, and also provided a revolving credit payment method, which made cardholders pay flexibly and banks increased interest income. Later, cardholders gradually got used to using revolving credit, and the development of bank credit cards began to flourish.
1976, Citibank pioneered the annual fee for credit cards, breaking the long-standing practice of not charging annual fees to cardholders. It did cause a sensation at that time, but it also saved banks from living beyond their means. Later, the annual fee of credit card became the industry practice, and ATT company was exempted from the annual fee. As the biggest selling point, it is expected to enter the credit card market. Therefore, many bank credit cards now have an annual fee and an annual fee-free system.
The development history of VISACard
From 65438 to 0959, Bank of America in Los Angeles extended its credit cards to all of California. At 1965, American commercial banks began to expand their national business, issuing a BankAmericard with blue, white and gold stripes every other year and authorizing its trademark to be used by other banks. In order to expand their business, American commercial banks set up the National Bank of America (NBI), and transformed banks that use authorized trademarks into non-holding members of NBI. However, BankAmericard, with a strong American flavor, was not favored by foreign banks, and finally it was officially renamed Visa at 1977.
Development history of MasterCard
1967 "American western bank card"
WSBA, an association of four California banks, plans to launch MasterCard. Later, because the association joined the inter-bank card association, it was awarded the right to use MasterCharge. By 1970, the Inter-bank Card Association officially obtained the patent right of MasterCharge. In order to expand the international market, MasterCharge was renamed MasterCard on 1978.
At the beginning of MasterCard's establishment, Visa was the main competitor. After years of competition, these two credit card organizations have developed into international organizations with more than 6.5438+0.4 million special stores around the world, and the international market share of MasterCard and Visa cards exceeds 80%. The service it provides has become an indispensable payment tool for consumers today.
The introduction of the development history of credit cards and the brief introduction of the development history of credit cards are over. I wonder if you found the information you need from it?