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The first credit card was issued in 1951

 
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Thushara
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PostPosted: Mon Jan 02, 2006 6:32 pm    Post subject: The first credit card was issued in 1951 Reply with quote
The first credit card was issued in 1951

A plastic card with a coded magnetic stripe that provides access to a revolving line of credit. Credit cards began in the late 1940's when banks began issuing paper certificates that could be used like cash in local stores. The first real credit card was issued in 1951 by Franklin National Bank in New York.

From virtually the moment the first bank credit card was issued in 1951, Visa USA Inc. and MasterCard International Inc. have dominated the card business -- and the billions of dollars in interest charges and fees that accrue each year from the nation's addiction to plastic. Diners Club, Discover, and American Express (AXP ) have all tried to break the two titans' grip on the card game -- but with only middling success.
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