customers of the railroads, hotel chains, airlines, oil companies and department stores. Consumers were able to purchase items on credit from the stores that they frequented. In the 1950's a card that could be used at a variety of stores were introduced to the public. This now plastic card was known as the Diner's Club Card. The introduction of the Diner's Club card lead to the introduction of several credit cards over the next 20 years. Visa and Mastercard quickly became household names. In 1979, electronic improvements gave more retailers the ability to accept credit cards for payment. Electronic processing, electronic dial-up terminals and magnetic stripes on the back of credit cards allowed retailers to swipe the customer’s credit card through the dial-up terminal and increased the speed of credit card purchases.
Works cited:
Rhode, Steve. The History of Credit and Debt. 2000-2007. The Myvesta Foundation. 22 June 2009. http://myvesta.org/history/
~Angela
Credit cards have impacted the way things are paid for greatly. I know a lot of people who never carry cash around at all. Cash is too easily stolen. The push towards electronic currency has made purchasing simpler for a lot of people. The push for electronic currency has also pushed people to develope new ways to steal. Now theft isn't just the cash that's in your pocket it's everything you own, it's your whole identity. The credit card is becoming more then just fast payment. The information on it links to your bank account and personal information. The networking associated with pulling all that together is a marvel of technology, but because it's so readily available it's easily taken. Thanks to people like Capital One, the credit card has even become a form of expression. Now you can upload pictures of things you love and imprint them on your card. You can pay for lunch and see a picture of your puppy all at the same time.
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