From personalised store credit in the 1800’s to the unrelenting card offers in your mailbox today, credit cards have become an inescapable part of modern life.
This short video by And/Orange shows how they got here:
People born after 1980 may find it hard to believe, but credit cards were not always ubiquitous.
Sure credit has existed for many decades, but not the buy-anything-anywhere-anytime variety familiar to us today.
As far back as the late 1800s, consumers and merchants exchanged goods through the concept of credit, using credit coins and charge plates as currency.
It wasn’t until about half a century ago that plastic payments as we know them today became a way of life.
It wasn’t until the late 1950s that Bank of America introduced the BankAmericard, the first general purpose credit card which was the forerunner of the plastic payments as we know them today.
Today, 80% of U.S. households own multiple cards, and they account for just under $1 trillion of consumer debt.
You may also want to read: Do you know the history of credit cards.
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.