Best Answer

Credit cards were first thrown down in 1951. That's when 200 brave, pre-approved soouls were able to present their Diner's Club cards at 27 different New York City restaurants. On 1949 Frank McNamara went to dinner at Major's CAbin Grill and forgot his wallet. After talking his way out of doing the dishes to cover his tab, McNamara thought, "Never again!" In February of 1950, he and a partner founded Diner's Club and returned to Major's with a small cardboard card. Frank signed for dinner without a hassle, and the event was eventually dubbed "the First Supper." According to American Consumer Credit Sounselling, the total U.S. credit card debt in the first quarter of 2002 was approx. $60 billion. The average credit card interest rate is around 18.9%. Approx. 1/2 of all credit card holders pya only their minimum monthly requirements. There are a total of 1.2 billion and retail cards in North America. The average American household is solicited 7 times a year by credit card companies. Total consumer credit: 1.7 trillion Credit card debt carried by the average American: $8,562 Total finance charges Americans paid in 2001: $50 billion Percent of U.S. houshold deemed credit worthy by the lending industry: 78% Number of credit card holders who delared bankrupcy last year: 1.3 million

User Avatar

Wiki User

โˆ™ 2005-03-18 09:31:42
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: When were credit cards invented?
Write your answer...
Related questions

Why were credit cards invented?

Credit cards were made because banks wanted to keep up with credit as in owed money better.

What date were credit card machines were invented?

Modern credit cards were invented and first used in 1994.

When were the first credit cards invented?

The first credit card, Diners, was invented by Ralph Schneider in 1950.

When did credit cards start?

Credit cards were invented in 1950 by Frank X. McNamara and some buddies while out at dinner. it is part of the loan in every way

What credit cards does the Bank of America offer?

Bank Of America offers many different credit cards. It offers cash rewards credit cards, points rewards credit cards, travel and airline rewards credit cards, lower interest rate credit cards, and build or rebuild credit cards.

What are airline credit cards and how are they different from regular credit cards?

Airline credit cards are credit cards issued by airlines. They have no real benefits over regular credit cards, apart from the fact that you can collect Air Miles with them.

Who is charged for misusing credit cards?

People who misuse credit cards are charged for misusing credit cards.

Which credit cards are secured?

Secured credit cards require that you supply a cash deposit as collateral that becomes the actual line of credit. When first establishing credit or reestablishing credit secured credit cards are an excellent method to use and most banks will be able to provide information on the secured credit cards they offer.

Are processing rates lower for debit cards vs credit cards?

credit cards

What companies offer interest-free credit cards?

Here is a site that talks about interest free for 18 months credit cards Cards , Here is a site that talks about credit cards

What are interest free credit cards?

Interest free credit cards are some sort of deal credit cards make to get you to use their credit cards. Interest is cash that builds up on your debt. These interest free credit cards eliminates that for a few months.

What is a list of reliable credit cards?

There are many credit card companies that offer reliable credit cards. However, my list of reliable credit cards would include Visa, MasterCard, HSBC, and RBC credit cards.

What are some of the dangers of credit cards?

the dangers of credit cards?

What credit cards does gamestop accept?

All Credit cards

Where can one apply for credit cards with rewards?

One can apply for credit cards with rewards at websites such as Credit Cards and Credit. Other websites that one can apply for these cards at include Visa and TTBank.

What are the downsides to Sears credit cards?

Sears credit cards are like most credit cards. They are convientient when you are low on cash,. Howver, like most credit cards, they have high interest rates.

What is subsidiary credit cards?

Subsidiary credit cards are viable credit cards issued under the direction of a major credit card company. For example, the American Express Company issues several different types of credit cards. They have cards that give you cash back, cards that give you points to purchase other items, and cards that earn airline travel miles. Each one of these types of cards are subsidiary credit cards.

Why were checks invented?

So you didn't need to carry around money with you. This was prior to the introduction of credit cards.

Is there 1000 credit on all social security cards?

No. I have no idea where you would have got this notion. Social Security cards are not credit cards and cannot be used as credit cards.

Are kids allowed to have credit cards?

No but that's bad news for kids to have credit cards

What services do American Express offer?

American Express offers several different products and services. They offer credit cards, savings accounts, prepaid cards, credit cards, corporate cards, small business credit cards, and credit reports.

What credit cards start with 4485?

Credit cards that start with the numbers 4485 are Visa cards that are issued from US Bank. This is one of the many algorithms that are found on credit cards.

What are some of good credit cards available today?

It depends on your situation like credit needs and credit rating. There are some introductory credit cards along with some credit cards for special rewards.

What are some good credit cards for people who have no credit?

There are various companies that have special credit cards to help you build your credit. Most companies offer secured credit cards, that would be your best bet to build your credit rating.

What are the best credit cards for students?

The best credit cards for students are those that have been specifically designed for them. Credit cards may help students build their credit and learn responsibility. Some credit card companies, such as Discover and Capital One, have developed "student credit cards."