Credit Card

                                                                                                      CREDIT CARD(1950)

                                       MC Namara derives a new way to pay bills.

      Introduction     

                                The concept of credit is not a new one. The word ‘credit comes from the latin word CREDO, that means believe or trust, and we know that the Egyptians were using credit methods over 3000 years ago.

    Information                                           

The credit card is a system of payment and is named after the plastic card issued to people who subscribe to the system. Although the term was used several time in Edward Bellamy’s 1887 novel looking Backward and Western Union issued charge cards to user from 1914 But the modern credit cards was not invented untill 1949. It is said that Frank X.MC Namara, a New York banker, comes up with the idea after forgetting his wallet when out enterting clients. He distributed 200 Diners club cards, which were essentially charge card accounts as the bill has to be settled entirely on issue.

                                      Modern credit cards were the issuer lends money to the consumer to be paid to the merchant, evolved quickly. In 1958 The Bank Of America created the first credit card to be made availabe to the mass market. Bank America evolved in to the visa system and master card was established in 1966 by a group of credit-issuing banks.

Credit card is not a card it is a system for money banking of a Banker MC Namara (1950).