The history of credit cards: Via ForbesAdvisor
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.From its original incarnation as a cardboard Diner’s Club card all the way to the heavy metal chip-embedded varieties you’ll find today, the fundamental premise behind a credit card has remained the same: A credit card is a method to buy now and pay later.and even just virtually stored on smartphones.
Over time, these placeholders for payment-in-full evolved in the U.S. into versions that more closely resemble the cards we know today.The first iteration of store cards were known as charge plates, credited with being popularized by the Charga-plate bookkeeping system. These dog-tag style metal plates were used in the 1930s through the 1950s by department stores that each issued their own store plates to their customers.
Later that year, California-based Bank of America took it a step further, issuing a paper BankAmericard with a pre-approved limit of $300 to 60,000 customers in Fresno and rolled the card out state-wide by 1966. This first attempt ended up being a costly error in judgement, with delinquency rates over 20% and rampant fraud.
With technological advances come those who try to exploit them. As credit cards gained in popularity, so did the swindlers who used their own methods to make false charges using others’ card information. The easy access of swiping a card meant thieves could use a card they found or stole. More sophisticated fraudsters developed a process known as “skimming” where a thief could skim the information with their own reader to steal the cardholder’s information.
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