in the 195s, with the rapid development of capitalist economy, the level of personal consumption has been greatly improved, and the widespread application of computer and communication technology in banks has provided a good environment and conditions for banks to develop credit card business. In 1952, Franklin National Bank of California first issued a bank credit card. By 1959, more than 6 banks in the United States issued credit cards. By the 196s, credit cards were also popular in Britain, Japan, Canada and European countries. Since 197s, some developing countries and regions have also started to issue credit cards, such as Hongkong, Taiwan Province, Singapore and Malaysia.
in the late 197s, China's foreign economic and cultural exchanges were expanding day by day. In this context, many people bring credit card, a popular payment method abroad, to China. In order to meet the needs of reform and opening up, some domestic banks began to set foot in credit card business. In 1978, Bank of China Guangzhou Branch first signed an agreement with Bank of East Asia, and began to act as an agent for overseas banks' credit card business.
In 1985, the Pearl River Card was issued by the Bank of China, Pearl River Branch. In 1986, Bank of China issued the Great Wall Credit Card, which filled the blank in China's financial history. When the People's Bank of China reformed the bank settlement system in 1988, it took credit card as a new settlement method and incorporated it into the new bank settlement system, thus laying a foundation for the further development of credit cards in China.
The history of credit cards dates back to the beginning of the 2th century, the birthplace of credit cards (the United States). However, at that time, the cards were made of metal, and their distribution targets were limited, and they were limited to certain places. For example, in 1924, General Oil Company of the United States introduced the oil credit card for company employees and specific customers as a VIP card to customers as a means to promote oil products, and later it was issued to the general public, which attracted other oil companies to follow up because of its good effect. Other industries such as telephone, aviation and railway companies followed suit, and the credit card market began to be active.
the development of credit cards has suffered two setbacks. First, during the great American economic panic, many companies suffered losses due to bad debts and credit card fraud. Second, during World War II, the Federal Reserve Board of the United States banned the use of credit cards during the war. However, these can't stop the development of credit cards.
at that time, the use of credit cards was limited, and it was not until Diners came out in 1951 that the prototype of modern credit cards was roughly available. When the cardholder shows this card for consumption, there is no need to pay cash. Instead, Diners Card Company will deposit money for the cardholder and ask the merchant merchantdiscount, and then charge the cardholder monthly. Its business scope has gradually expanded from the original restaurant to hotels, airlines and other tourism-related industries and general retail stores. AmericanExpress started issuing cards in 1958 with its rich travel experience, and expanded its business scope to areas outside the United States.
At this time, sensitive bankers also felt the convenience of credit cards. In the 195s, nearly 1 banks joined the ranks of issuing cards. However, due to limited business volume, limited local business and no annual fee charged to cardholders, many banks withdrew, leaving only small and medium-sized financial institutions to survive on the edge of profits. And these surviving banks began to seek innovation and change. For example, in 1959, the Bank of America in Los Angeles began to promote credit cards to all California. The First National Bank of SanJose, also located in California, was computerized in the same year. During this period, the bank also provides a revolving credit payment method, which allows cardholders to pay more flexibly and the bank has more interest income. Later, cardholders gradually got used to using revolving credit, and the development of bank credit cards began to flourish.