A Quick History of Credit Cards

The concept of credit dates back to the late nineteenth century. This is when symbols of credit started being used by merchants while selling goods without the buyer having the necessary cash in hand. In fact, American lawyer and author Edward Bellamy referred to a “credit card” in his bestselling novel Looking Backward, which was published in 1888. 

According to Encyclopedia Britannica, credit cards began being used in the US during the 1920s, with oil companies, hotel chains and other individual firms issuing these cards to their customers. In the late 1930s, companies that issued credit cards began accepting cards issued by other firms as payment. 

The 'Charge-It' card from Flatbush National Bank of New York was the first bank card to be issued in 1946, but it could only be used locally. American Express issued the first national charge card in 1958.