The History of the Credit Card

A Timeline 3500 B.C. 1000 B.C. 0 1000 A.D. 1400 1500 1600 1700 1800 1835 1870 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 1970 Establishment of standards for the magnetic strip: Credit card becomes part of the information age 1960 London Transit Authority e installs magnetic strip system for users of public transport Tew At in da a 1800S TALLYMEN keep records, or a “tally", of what people buy, on wooden sticks 3000 BC 1730 1946 1st BANK CARD 1951 Introduced by John Biggins, Brooklyn Issues 1st credit card banker 1890 First reference to use of credit cards in Europe CREDIT FIRST CHRISTOPHER USED IN ASSYRIA, 1300S THORNTON Credit tokens have been DINER'S CLUB made from metal coins, placed the first advertisement BABYLON & EGYPT 1920 metal plates, and celluloid, BILL OF EXCHANGE to 200 people who can use it at 27 ESTABLISHED (FORERUNNER OF BANKNOTES) for credit : his furniture could be paid off weekly metal, fiber, SHOPPER'S PLATE restaurants Debts were settled by 1/3 cash and 2/3 bill of exchange "Виy поw, pay later" Introduced in the US (only used in shops that issued it) paper, and now mostly plastic credit cards. 1600s paper money appears THE HISTORY OF THE CREDIT CARD 8000 "THE REVOLVERS" estimated 115 million Americans who carry monthly credit card debt and are the credit card industry's most profitable customers BILLION DOLLARS before Record Profits for the Credit Card Industry (2009) dollars on their The AVERAGE FAMILY owes 30 taxes CREDIT CARDS The average credit card debt among American households has more than doubled over the past decade | The word credit comes from Latin, meaning “trust" 요 요요