How Credit Card Processing Revolutionized The Business World
Jan 09, 2017
“Just put it on my card.” Those fateful words were first uttered after the infamous Fresno Drop, a 1958 unleashing of the BankAmericard, a Bank of America credit card that was mass-mailed to almo
Credit Card Processing Changed the U.S. Economy“Just put it on my card” became the mantra of a whole generation, and empowered consumers to spend like drunken sailors, with money they didn’t necessarily have. It made people feel invincible, as if whipping out a credit card could solve just about any problem.
The first widely-accepted credit cards weren’t called credit cards at all. Diners Club and other 1950s cards were known as T&E cards, for Travel and Entertainment. They were originally issued to business executives and travelling salesmen to use in lieu of big wads of cash when they travelled. The Fresno Drop changed all that, paving the way for modern credit card processing.There are 3.67 billion U.S. Payment Cards in Use Today