Credit Cards - Brief HistoryThe credit card evolved from a variety of predecessors but it's most notable influence had been in use since the 1920s when fuel merchants issued owners of automobiles credit type cards for fuel purchases. By the time the late 1930s rolled around many merchants had begun accepting the credit cards of other merchants.However, it wasn't until the 1950s that the first general purpose credit card was issued, the Diners Club. Shortly thereafter Bank of America issued the BankAmericard which thusly beacame the Visa system. By the mid 1960s, MasterCard came into being and the credit card industry was well on it's way to what it is now. Today, most credit cards are the same shape and size based on federal standards, however, not every credit card issuer is created equal nor do they have the same standards for consumer and customer protections. Credit cards have become one of the most prolific and easy ways to make purchases. With the advent of the credit card itself, it has also brought with it the scams and schemes of unscrupolous people and companies. Thus, when choosing and using a credit card it's important to be educated about your potential credit card issuers terms and the company itself. Once you have chosen a card there are also a multitude of ways you can go about protecting yourself and reducing your risk of being a victim of credit card fraud. |
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