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.

Do not use your credit card to finance an unaffordable lifestyle. If you cannot pay off the entire balance every month, then you are overspending. Here I will share guidelines in order that you will determine what you should and should not charge. First, if you have sufficient cash in the bank to make purchase, go ahead and charge it if you wish. Then pay off the balance in full when you get the statement. Second, if you don’t have enough cash to purchase the item or service, don’t charge it. Instead save your money until you can afford the purchase. Third, if you cannot afford an item or service, but need it immediately, you can charge it. But, at the same time, make a plan to pay off the balance overtime and figure out how much you can each month and how long it will take you to pay the balance off. And lastly, a good way to cut down on credit card debt is not to charge anything that won’t exist when the statement arrives. Like for example your groceries, movie tickets or even your meal. By paying cash for these kinds of stuffs, you save your credit for true necessities.

If you are in a crunch and are short on money, you can, with a lot less hassle and less required information, be approved for a cash loans, or payday loan from a local company within your neighborhood. These companies, when first hitting the market were known as currency exchanges, or a place where people could exchange currency, cash payroll checks and a host of other services. Today, these companies are not always known as currency exchanges anymore (although some do still exchange currency), but are individually owned and operate to offer the same services that one can obtain at a bank, and then some. They even offer passport services, Department of Motor Vehicle request and much, much more. Furthermore, some of these payday loan companies offer their established clients extensions in credit and credit cards, which they can use with their cash advances. 

At some time in the past, there was a minimum for a cash loan, or payday loan, but today this particular service has changed a bit. Loans used to start off in the $50.00 range, but today one can start in the $200.00 range. The only requirement is that one has to demonstrate that their employment situation can repay the loan