Have you heard about the history of credit card? Well, I can share with you a little I know where credit cards came from. Let us start at the beginning. A credit card is a thin plastic card, usually 3-1/8 inches by 2-1/8 inches in size that contains identification information such as signature or picture, and authorizes the person named on it to charge purchases or services to his account charges for which he will be billed periodically. Today, the information on the card is read by automated teller machines, store readers, and bank and internet computers.
“The use of credit cards originated in the United States during the 1920s, when individual companies, such as hotel chains and oil companies, began issuing them to customer for purchases made at those businesses. This use increased significantly after World War II. The first universal credit card, one that could be used at a variety of stores and businesses was introduced by Diners Club, Inc., in 1950. With this system, the credit card company charged cardholders an annual fee and billed them on a monthly or yearly basis”(encyclopedia britanica). Later the credit card system came. In this plan, the bank credits, the account of the merchant as sales slips are received. And now, credit card is used by many people worldwide.