10 Curiosities about Credit Cards | Cards Online
Incredible data that you did not know about this mode of payment
Usually, when you refer to the credit card in your day to day, you usually do it thinking of paying with it or take on debts recently incurred. In Cards-Online.net we have talked at length about all the options that exist when it comes to obtaining one, but also about everything that should be known before acquiring it, with all the risks and advantages offered by one of the modes most used, and the fastest growing throughout the world.
But not everything has to always be limited to issues of a financial nature. One way to also know the credit cards is to attend to their origins, their history, knowing how they were born, what was their initial purpose or how they have been transformed over the years . In this way one can thus have more data that can be useful to him to know exactly the potential of what he keeps in the portfolio. Next, we show you the ten most important curiosities and what you need to know about credit cards.
The 10 most important curiosities about credit cards
- Credit cards were born in 1950 . Frank McNamara, director of Credit Hamilton, forgot his wallet when paying for dinner. At that time, McNamara had the idea of creating a paper that could be used to pay in multiple establishments.
- With the creation of the credit card concept, a new intermediary was born that would be placed between the financial entities and the clients. Carrying out the transactions and then adjusting accounts with the banks. And the first company that was formed in this new relationship was, neither more nor less, than the Diners Club , a company created just by Frank McNamara. The name Diners Club, how could it be otherwise, had just emerged from that already legendary dinner.
- The first Diners Club credit cards were delivered to around two hundred people . Among them were known by Frank McNamara, and could only be used in very specific establishments. The figure was at first fourteen restaurants in New York.
- The first credit cards issued by Diners Club were not made of plastic, but of a special type of paper . On the back of it could be found a series of acceptance conditions.
- In 1952, McNamara sold his shares on Diners Club for $ 200,000 to his two partners, thinking that the financial product he had created was nothing more than a passing fad, despite the fact that at that time more than 20,000 people were already using their method of payment, and that Diners Club has already obtained up to $ 60,000 in benefits in its first year of life.
- In the year 1958 it was shown that McNamara this time was not right, and that credit cards were not going to be a fad at all. Entities of the stature of American Express, Bank Americard (VISA would be called later) and Interbank Card Association (MasterCard later) got fully into the business , making the new payment method spread throughout the world.
- After those first paper credit cards, plastic prevailed in all of them, but also some concrete measures that became standard throughout the world. The measurements of all credit cards are 85.60 mm x 53.98 mm .
- In 1989, the credit card transaction with the highest volume was known . It was Kim Basinger, who had the idea of buying a whole town in the United States for 20 million dollars .
- At present, up to 10,000 operations per second are carried out , being one of the most used payment methods. In addition, up to 10% of the world’s population has more than 10 credit cards.
- In the whole world it is estimated that there are a total of 5,000 million credit cards, 0.7 per person . It is the most profitable financial product of banks, with which they raise up to 30,000 million dollars each year.