Racking up fashion and beauty charges on your credit card? Take a break from shopping to read some fascinating facts about credit cards:
Ancient Times: The first lending happened in Egypt. It was for real estate mortgages.
“Voyage Loans” in the Middle Ages: Investors loaned money to a merchant to fund a sea voyage. If it was a success, the investor got his money back plus 30%. If the voyage was unsuccessful, the investor lost it all.
Debtor Pilgrims: The Mayflower voyage was financed, in exchange for a seven-year contract.
The American Revolution: The 13 colonies issued bills of credit to fund the colonial army and win our independence from Britain.
First Credit Card issued in 1949: Frank McNamara finished dining at New York’s Major’s Cabin Grill. He realized he forgot his wallet and there should be alternative ways to pay. He then invented The Diners Club Card, which was the first widely used credit card.
21st Century Technology: These days, smartphone apps let people to pay with their phone. Will plastic cards become obsolete?