Home Depot makes home maintenance easy for everyone. With a Home Depot Money Off Coupon from We Are Coupons you save money on everything Home Depot has in store. When it comes to buying you more than like use a credit card. Where did credit cards start?
Evolution of Credit Cards
The history of the credit card can be traced to 1949 when a man named Frank McNamara forgot his wallet at a Manhattan restaurant. A decade later, Barclays issued the first credit card in the UK. By the early 1960s, credit cards had transcended the status of a physical object, and 12 years after the local experiment, they had become a worldwide success. Today, millions of consumers use Visa and MasterCard to pay for goods and services. However, there are threats to the financial system, and this article will explore some of these issues.
In the mid-1960s, Bank of America spent $3 million advertising the card. They continued to work to enroll more retailers, but the popularity of the card was kept under wraps until the mid-60s. At this point, Bank of America joined with other banks to form National BankAmericard Inc. and renamed the card Visa. The evolution of the credit card has many parallels to the evolution of the credit card.
Technology
Magnetic stripe verification was first introduced for credit cards in the 1960s. Today, the EMV chip is a popular way of making credit card transactions more secure. Instead of relying on static information stored on the magnetic stripe, it generates one-time codes that are impossible to replicate. Several laws relating to credit card technology have been passed by Congress. Each law is designed to protect consumers. You can learn more about the major credit card laws in the linked articles.
Branding
The history of the credit card dates back to the 1950s when the issuance of the first cards was mass-produced and unsolicited mailed. This practice prompted privacy concerns, white-collar crime, and legislative debate. In 1970, the Federal Reserve Board banned issuers from sending unsolicited applications to consumers, but the practice continues today. In 1969, IBM developed the magnetic-stripe technology, a critical advancement in credit card tech.
Advertising
In the early days of credit card advertising, the offerings were uniform and aimed at a certain type of consumer. At this time, credit card use was primarily limited to the upper class and traveling salesman, and there were significant gender gaps in advertising. Later on, credit card usage spread to the whole family and even corporate accounts. But discrimination against women continued. So, what's changed today? The history of the credit card advertising is an important one, but it's far from over.
Alternatives
If you don't have a history of credit cards, there are some alternatives. While you may not be able to apply for a credit card with your existing credit history, you can still access a credit card with no security deposit. The key is to consider your reasons for wanting a credit card and find a combination of options that suit your needs.
