Financial Infographics has posted an infographic on the history of credit cards, or to be more specific, the history of credit. The term credit card first arose in the novel Looking Backward in 1887. In 1951, the Diner’s Club credit card was the 1st credit card issued to 200 people who could use it at 27 restaurants. Diner’s Club was the first general purpose credit card that allowed a person to use it at multiple stores, instead of a credit card that was good at only one merchant.
Throughout history, many different methods were used to keep track of credit. Eventually, as you may know, we ended up with the credit card. Here’s what went on before that magical little piece of plastic came about.
