Bank of America created its first credit card

He was so marked by this situation that he decided to create a card that would allow its holder to be given credit to be able to leave without having to carry cash and that would be accepted in various establishments. Thus, in 1950, he launched the first credit card called “Diner's Club”, accepted in only 14 restaurants in New York City, but which in a couple of years later, would already be used by more than 20 thousand people. and the list of establishments that accepted it was also much larger.

 The expansion of a credit idea

After the notorious success, the idea of creating a credit card spread to financial institutions, and that is why in 1958, Bank of America created its first credit card called “BankAmericard” which eventually became Visa. . It was so successful that other banks wanted to copy the idea to create their own cards.

A decade later, this revolutionary idea came to Mexico to create not only the first credit card in the country, but the first in all of Latin America. Its creator was Banamex and the card was called “Bancomático”. The following year, Bancomer took out its card affiliated with the “BankAmericard” system and a few months later, another bank took out its card called “Carnet”.

In 1967, a little before these events in Mexico, “MasterCharge” was created, the First American Bank of Nashville credit card, which would later change its name to what we know today as Mastercard.

Credit cards, due to their wide benefits, payment periods and avant-garde characteristics, began to enjoy great acceptance worldwide and it was from the 60s that their possibilities and uses began to expand, creating, for example, payments deferred balances and a worldwide card acceptance system.

As the decades progressed and new technologies were incorporated into our daily lives, the cards began to expand their benefits to adapt promotions such as interest-free months or rewards such as the accumulation of points. And with the advent of the Internet, its reach became more easily international.

The interesting thing about this evolution is that credit cards have become more and more accessible to the masses after having been part of only the highest social strata, resulting in a huge increase in transactions worldwide, which will lead to to continue evolving during the following years. Some believe that the day will even come when debit and credit cards will make cash as we know it disappear.

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