Here in the UK we’ve been using credit cards since 1967 when the Barclaycard was first introduced. But the history of the credit card goes back much further than that…
1887 The idea of a card used for purchases appears in Edward Eellamy’s novel Looking Backward
1920s Credit cards were used in the US to sell petrol to the increasing number of car owners
1951 Diners Club card was introduced, initially for use at just 28 Manhattan restaurants and nightclubs.
1958 Bank of America introduces a card that eventually becomes the Visa card.
1966 Fourteen US banks form the Interlink card payment processor – this eventually becomes Mastercard
1967 The first card outside the US is introduced – otherwise known as Barclaycard
1972 RBS, Natwest, Lloyds and Midland Bank cobime to issue the Access credit card.
1987 Debit cards become available as the Connect Visa Delta card is issued by Barclays.
1997 Cashback arrives courtesy of A&L
1999 Half of all UK adults hold at least one credit card
2003 Now it’s two credit card accounts per adult.
2004 Chip and Pin is rolled out
2006 Total number of credit cards in circulation drops for first time
2008 There’s a worldwide collapse in the banking system, partly due to the proliferation of toxic personal debt.
2009 As bank base rates fall to the lowest in decades, some credit card companies increase their typical APR % rates.
Source: The Telegraph.
