First Bank Credit Card The inventor of the first bank issued credit card was John Biggins of the Flatbush National Bank of Brooklyn in New York. Credit Card Regulations. In the 1920s the buy now and pay later system was introduced in the U.S. A man ahead of his time, Bloomingdale was the one to predict the eventual demise of cash and rise of the credit card: "The day will come when the plastic card will make money obsolete," he said. Credit card, small plastic card containing a means of identification, such as a signature or picture, that authorizes the person named on it to charge goods or services to an account, for which the cardholder is billed periodically. Although its purchases were made on credit, Diners Club was technically a charge card, meaning the bill had to be paid in full at the end of each month. It wouldn’t be a complete history of credit cards without looking at how the law played into its evolution. Department stores began the practice of issuing dog-tag style metal plates to their favorite customers. By 1951, Diners Club had 20,000 cardholders. > I've attempted to buy The Sims 4 from Origin via digital download just now and all the time Origin has kept telling me that it can't verify my card. Credit cards — or at least the concept of them — are not 20 th-century payment tools. Added up, you get a total of 39 months. Here’s a quick timeline of the history of credit cards. A chronology of the credit card. When charge cards and credit cards first became popular, there weren’t many regulations on how to use or sell them. 1950: Diners Club issues the first charge card 1958: Bank of America issues the first general-purpose credit card that offered a “revolving credit” feature 1958: American Express Company issues a travel and entertainment payment card 1969: Magnetic strip standard is adopted in the U.S. Throughout history, there have been credit tokens made from metal coins, metal plates, and celluloid, metal, fiber, paper and now mostly plastic cards. Used mainly for travel and entertainment, the Diners Club Card claims the title of the first credit card in widespread use. The history of credit cards is long with many trials and errors along the way. The use of credit cards originated in the United States during the By 1924 gas credit cards appeared on the scene, the first cards that could be used at merchants all over the country. In fact, the ability to purchase what you want or need and then be presented with a bill for what you bought later has deep roots in the past. The earliest plastic cards are a long way from the sophisticated and widely-accepted cards that we are now accustomed to but, nonetheless, laid the foundations for the convenience and ease-of-use that we now enjoy. In fact, … History of Credit Cards. As an example, say you have three credit cards, each with the following ages: Card A: 24 months, Card B: 12 months, Card C: 3 months. > I've checked the card … As time progressed so did systems of credit and eventually the credit card itself. Credit cards got their start in the United States just before the beginning of World War I. Here is a brief history of credit arrangements and instruments — and a little taste of what the future will bring.