The appearance of credit card in the United States is not accidental, it is closely related to the evolution of American monetary system, the rise of consumer credit and the development of American economy. /kloc-in the middle of the 0/9th century, the degree of industrialization and urbanization in the United States was greatly accelerated, the scale of enterprises was rapidly expanded, and commercial trade was quite developed. There are spontaneous installment sales and consumer credit behaviors among the people. By the 1920s, some large retailers had provided monthly installment accounts to some high-quality customers, which greatly increased consumers' credit consumption activities. It is in this context that many credit certificates similar to credit cards emerge as the times require, which can be used to buy goods on credit, and consumers get a kind of advanced enjoyment.
Embarrassed experiences gave birth to credit cards.
In daily life, credit card is the oldest embryonic form, but when it is expressed by a small card, it finally casts its glory. Some media once listed credit cards as one of the greatest inventions of human society in the 20th century. Compared with airplanes and computers, this praise is really not excessive.
Under normal circumstances, it is very embarrassing to have no money to invite friends to dinner. For ordinary people, I wish I could dig a crack in the ground. However, the same embarrassment has made an extraordinary person and created a miracle in the financial sector-he is Frank McNamara, president of a credit company in new york.
Although the "uncle foodie" in the illustration is not good at eating, it should not be underestimated. Without this uncle, we might not need a credit card today. He is McNamara, the founder of DinersClub. Based on the deduction of many materials, a story is written: Frank McNamara, president of a credit company in new york, USA, one day hosted Alfred Bloomingdale and Snyder in a restaurant in new york from 65438 to 0949. After a hearty meal, Frank McNamara found that he didn't bring his wallet out at all, which made the host and guests extremely embarrassed. After McNamara's wife made a special trip to pay the bill, embarrassed Frank discovered the problem of monetary payment, so he had the idea of establishing a credit card company.
In fact, according to relevant information, Diner's idea of credit card gradually developed from many conversations between Schneider and McNamara. Schneider was also an important member of DinersClub at that time. He is a lawyer himself and McNamara is his client and friend. Both of them are active figures in new york's business circles. They realized that their previous personal credit business needed to be improved, and finally set their goal on issuing "credit card", a new credit tool. As a result, the Diners' Credit Card, which was born later, undoubtedly provided a convenient means of payment for business travelers, and recorded items such as meals and accommodation that were reimbursed to the company.
1 In the spring of 1950, McNamara and his partner Schneider jointly invested110,000 yuan to set up the first credit card company-"Diners Club International" in new york, which was later reorganized into Diners Club Credit Card Company. Diners Club implements the membership system and provides members with a card that can prove their identity and ability to pay. Initially, they signed an acceptance agreement with new york 14 restaurants to distribute "Dinka" to specific people. Members can charge their accounts in the restaurant with their cards, and then Dalai Company acts as a payment intermediary to delay the settlement of accounts between consumers. The prototype of credit card was born.
On the first anniversary of issuing cards, DinersClub has 42,000 cardholders, and each cardholder has to pay an annual fee of $65,438 +08. At this time, a total of 330 restaurants, hotels and nightclubs accept DinersClub, and these merchants have to pay about 7% of the cardholder's bill. 195 1 In March, DinersClub handled a transaction amount of $3 million and made a pre-tax profit of $60,000. By 1956, the annual transaction volume of Dinka exceeded 290 million US dollars, and the number of special merchants reached 9,000, covering tourism and entertainment merchants. During the period of 1958, the annual transaction volume exceeded $465 million, and the profit of $40 million came from the discount rate of merchants and the annual fee of cardholders. Dinka established its leading position in the industry in one fell swoop.
1958, Schneider (left) and Alfred Bloom (Zhongzhan), one of the founders of Dinka, are signing a cooperation agreement with SheratonHotels.
Daleka struggled forward.
Shortly after the issuance of Dinka, it faced fierce market competition. NationalCreditCard, Inc. started its credit card business on 195 1, but declared bankruptcy on 1954; From 65438 to 0955, many credit card companies such as Trip-Charge began to operate, which brought strong market competition resistance to the development of dining cards. In particular, 195 1, FranklinNationalBank issued a credit card, which is the first time for the bank to issue a credit card. About 100 banks have also issued credit cards. Of course, this kind of credit card was only a debit card that paid the bill in full every month at that time, but it could not stop the historical trend that banks began to issue credit cards.
After the issuance of 10 Dinka, only Dinka survived as a franchise company, and also acquired some other credit card companies that failed at that time. 1958, a new competitor appeared, which had a great impact on the future credit card market, that is, AmericanExpress, which became a crucial year in the development history of the credit card industry.
Although Dinka has experienced operational risks and fierce competition from the market, Dinka is still striving to maintain its monopoly position in the tourism and entertainment (TE) industry for nearly ten years, and reached its peak in the early 1960s.
The fate of the great Lycra.
In the 1970s, DinersClub began to turn around and go downhill. On the one hand, the shrinking of the whole industry has caused a large number of cardholders to give up using Diners' Cards; On the other hand, there are huge problems in their own operation; On the third hand, the fierce industry competition and a large number of banks involved in the credit card field have made the business situation of DinersClub fall into a trough. Although DinersClub never gave up its efforts to save itself in the late 1970s, it ended in failure for various reasons. 1980 65438+In February, DinersClub was acquired by Citibank, and it completed its independent development for 30 years.
Historical Evaluation of Dinner Club
Although Dinka is still in operation, it is no longer brilliant. However, no matter what the status quo of DinersClub is today, it is undeniable that Diners Club, as a pioneer of modern credit card industry, has a historical position. Frank McNamara, Alfred Bloom and Ralph Snyder have made indelible historical contributions to the birth, formation and development of credit card industry.
It is the credit card era initiated by Dinka that laid a solid foundation for the development of credit card industry and even the birth and development of credit card giants such as VISA, MasterCard, AE, MBNA, CapitalOne and DiscoverCard.
Amazon actually found photos of Alfred Blooming, the founder of Dinka, and his wife, as well as photos of his tombstone. Let's remember Frank McNamara, Alfred Bloom and Ralph Snyder, three great men who started a paid era.
To be continued: the history of credit cards (3) American Express Card
What stages have credit cards gone through?
The Evolution of the First Credit Card in China (20065438+0 AUG19 AUG14: 49)
From June 65438 to June 0985, China Bank issued China's first credit card "BOC Card" in Zhuhai, and China people's own credit cards were born.
1In June, 1986, Bank of China issued its first Great Wall card in Beijing. In June 5438+10, the Great Wall Card was issued nationwide. It ended the history that there was no credit card in China, and broke the traditional payment method of "cash on delivery" that China has been using. As a new type of "electronic money", the issuance of the Great Wall Card opened the electronic era of payment and settlement in China.
1Feb. 987, Zhuhai Branch of Bank of China took the lead in launching ATM service in China, breaking through the traditional practice of counter service.
1987 In March, Bank of China joined mastercard international and became the first China member of the organization. In June 5438+10 of the same year, China Bank joined VISA International Organization.
1In June, 1988, China Bank issued the Great Wall MasterCard foreign exchange card, which can be used by more than10,000,000 merchants in more than 200 countries and regions around the world, and China credit card began to go global.
1In August, 1996, Bank of China issued the first RMB Great Wall electronic debit card with international standards.
1In August, 1999, Guangdong Branch of Bank of China took the lead in issuing a real credit card-Great Wall Consumer Credit Card (Debit Card) in China, which indicated that the development of credit card industry in China was further in line with international standards.
In March, 20001,Bank of China launched the Great Wall Platinum Card for the first time.
Development history of credit card
The development history of credit card:
The earliest credit card appeared at the end of 19. From 65438 to 1980s, the so-called credit card was developed in British clothing industry, followed by tourism and business departments.
However, at that time, the card could only be used for short-term commercial credit, and the money had to be paid back as needed. There was no long-term default and no credit line.
It is said that one day in 1950s, Frank McNamara, an American businessman, entertained guests in a restaurant in new york and found that he had forgotten his wallet after eating.
Embarrassed by having to call his wife and ask her to bring cash to the hotel, McNamara came up with the idea of setting up a credit card company.
1 In the spring of 950, McNamara and his friend Schneider jointly invested110,000 US dollars to set up the Diners Club, the predecessor of Diners Credit Card Company, in new york.
Diners' Club provides members with a card that can prove their identity and ability to pay. With this card, members can spend money in 27 designated restaurants without paying cash. This is the earliest credit card.
This kind of credit card, which does not need to be handled by a bank, belongs to commercial credit card. From 65438 to 0952, Franklin National Bank of California, as a financial institution, issued bank credit cards for the first time, becoming the first bank to issue credit cards.
Extended data:
Credit cards are a bit:
1, you can spend without overdraft, and you can enjoy an interest-free period of 20-56 days to repay the principal and interest on time without any charge.
2. It is not only safe and convenient to swipe your card when shopping, but also a bonus gift.
3. Special merchants who hold cards in banks can enjoy preferential treatment.
4. Accumulate personal credit, add a credit record to your credit file, and benefit for life.
5. National access is barrier-free, and you can withdraw money or spend money on ATM and POS machines with UnionPay logo.