Credit Cards

While many people consider the credit card a fairly modern invention, the use of credit cards in the United States originated during the 1920s. Specific companies would issue their customers cards to pay for their products or services. Diner's Club, Inc. introduced the first credit card in 1950, one that was for "general-use" and established the modern contract between card issuers and card holders, "With this system, the credit-card company charged cardholders and annual fee and billed them on a monthly basis" (How 1). Banks began issuing credit cards, whose popularity increased dramatically after World War II. The first national bank plan credit card was BankAmericard, issued by the Bank of America in 1959. As the popularity of credit cards increased, so did the number of services and products they could purchase.

Credit cards and their use have risen dramatically during the 20th century. In 2000, Americans charged more than $1.2 trillion on their general purpose credit cards (How 1). Many individuals view credit cards as "money", thinking they are a method of pay

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Category: Economics - C