Credit cards are small plastic cards allowing a person to buy goods on the the promise that they will pay for these goods at a later date. But when was the first credit card issued? This post will answer that question and look at a few interesting facts about credit cards!
When was the First Credit Card Issued?
From the 1930′s to the 1950′s, charge cards were popular in the United States. These cards were similar to credit cards as people would make purchases on the card and pay it off at a later date. However, the whole amount had to be paid. The first real credit cards, which did not have to be paid off all at once, were issued by the Bank of America in September 1958. It was launched as the BankAmericard in Fresno, California. This card eventually became the Visa system.
Interesting Facts About Credit Cards
- Actor Richard Hatch partly financed his production of Battlestar Galactica: The Second Coming using credit cards.
- Edward Bellamy described using credit cards to pay for purchases in his 1887 book ‘Looking Backward’. He used the phrase ‘credit card’ 11 times.
- Some fees charged by credit card companies include late fees, overlimit fees, transactions in foreign countries, membership fees (often called annual or monthly fees) and exchange rate fees.
- Prepaid credit cards are often used be teenagers to make purchases online.