Which country is the Diners Club credit card from?
The Diners Club credit card is from the United States.
The Diners Club credit card is American. Diners is the brand of Diners Letter of Credit Co., Ltd., which was later acquired by Citibank and became the holding company of Citibank. The company is headquartered in Chicago, USA.
Diners Club was founded by entrepreneur Frank MCMamaca in 1950. It was the first plastic payment card and eventually developed into an internationally accepted credit card.
History of Credit Cards (2) Diners Club Credit Card in Past and Present Life
The emergence of credit cards in the United States is no accident. This is related to the evolution of the U.S. monetary system, the rise of consumer credit, and the The development of the U.S. economy is closely related. In the middle of the 19th century, the degree of industrialization and urbanization in the United States greatly accelerated, the scale of enterprises expanded rapidly, and commercial trade became quite developed. Spontaneous installment sales and consumer credit behaviors have appeared among the private sector. By the 1920s, some large retailers had begun to provide monthly installment accounts to some high-quality customers, which greatly increased consumers' credit consumption activities. It is against this background that many credit vouchers, similar to credit cards, that can be used to purchase goods on credit have emerged, giving consumers an advanced enjoyment.
Embarrassing experiences gave birth to credit cards
In daily life, credit purchases are the oldest prototype of credit cards, but when it was expressed in a small card, it was finally created It's brilliant. Some media once listed credit cards as one of the greatest inventions of human society in the 20th century, on par with airplanes, computers, etc. This praise is really not exaggerated at all.
Under normal circumstances, it is a very embarrassing thing to invite friends to dinner without bringing money. For ordinary people, they would like to dig into the cracks in the ground to get in.
However, the same embarrassment led to an extraordinary person to create a miracle in the financial industry - he was Frank McNamara, the president of a credit company in New York.
Although the "foodie uncle" in the illustration does not look good, he cannot be underestimated. Without this uncle, we might not be able to use credit cards today. He is McNamara, the founder of Diners Club. From the interpretation of many materials, it is written as this story: One day in 1949, Frank McNamara, the president of a credit company in New York, hosted Alfred Bloomingdale and Smith at a restaurant in New York. Ned eats. After drinking and eating, Frank McNamara realized that he had not taken out his wallet at all, which caused great embarrassment to both the host and the guest. After McNamara's wife made a special trip to pay the bill, Frank, who was extremely embarrassed, discovered the problem with currency payments, so he came up with the idea of ??creating a credit card company.
In fact, according to relevant records, the idea of ??Diners Club credit card gradually developed from many conversations between Schneider and McNamara. At that time, Schneider was also an important member of the Diners Club. He was a lawyer, and McNamara was his customer and friend. Both of them were active figures in the New York business community. The two people realized that the previous personal credit business needed to be improved, and finally set their goal to issue an emerging credit instrument such as a "CreditCard". Therefore, the Diners Club credit card that was born later undoubtedly provided business travelers with a convenient means of payment and recording for meals, accommodation and other reimbursement items to the company.
In the spring of 1950, McNamara and his partner Schneider invested 10,000 yuan to register the first credit card company in New York - "Diners Club International". It was later reorganized into Diners Club. Diners Club implements a membership system and provides members with a card that can prove their identity and payment ability. Initially, they signed acceptance agreements with 14 restaurants in New York City and issued "diners club cards" to a specific group of people.
With the card, members can make accounted purchases in restaurants, and Diners Club will act as the payment intermediary to conduct account settlement between the two parties in a delayed manner. This was how the prototype of the credit card was born.
On the first anniversary of the issuance of the card, the number of Diners Club cardholders has reached 42,000, and each cardholder has to pay $18 to DinersClub as an annual fee. At this time, there are 330 restaurants, hotels, and nightclubs in Japan that accept Diners Club cards. These accepting merchants need to pay approximately 7% of the cardholder's spending amount to DinersClub. In March 1951 alone, Diners Club processed a transaction amount of US$3 million and received a bonus of US$60,000 in pre-tax profits. By 1956, Diners Club's annual transaction volume exceeded US$290 million, with 9,000 special merchants, including travel and entertainment merchants. In 1958, the annual transaction volume exceeded US$465 million, with a profit of US$40 million from merchant discount rates and annual cardholder fees. Diners Club established its position as the leader in the industry in one fell swoop.
In 1958, Schneider (seated left) and Alfred Blooming (center), one of the founders of Diners Club, were signing a cooperation agreement with Sheraton Hotels.
Diners Club is struggling to move forward
Not long after Diners Club issued its cards, it faced fierce market competition. National Credit Card, Inc. began operating the credit card business in 1951, but declared bankruptcy in 1954; in 1955, Trip-Charge and many other credit card companies began operations, driving the development of Diners Club. There is strong resistance to market competition. Especially in 1951, Franklin National Bank issued a credit card, pioneering the issuance of credit cards by banks. About 100 banks also issued credit cards. Of course, such credit cards at that time were only used to pay purchases in full every month. Although there are a lot of debit cards, it can no longer stop the historical trend of banks starting to invest in issuing credit cards.
Ten years after the issuance of Diners Club, only Diners Club survived as a franchise company, and it also acquired some other credit card companies that were failing at the time. In 1958, a new competitor emerged, which had a huge impact on the future credit card market. This was American Express. This year became a critical year in the history of the development of the credit card industry.
Although Diners Club has experienced operational dangers and fierce competition from the market, Diners Club has continued to maintain its monopoly position in the travel and entertainment (TE) industry for nearly In ten years, it reached the peak of development in the early 1960s.
The ill-fated ending of Diners Club
In the 1970s, Diners Club began to turn around and go downhill. Firstly, the shrinkage of the overall industry caused a large number of cardholders to give up using Diners Club cards. Secondly, Huge problems have arisen for its own operations. The fierce competition in the industry and the involvement of a large number of banks in the credit card field have made Diners Club's business situation fall into a low ebb. Although Diners Club never gave up its efforts to save itself in the late 1970s, it ultimately failed due to various reasons. In December 1980, Diners Club was acquired by Citibank, completing its thirty years of independent development.
Historical evaluation of Diners Club
Although Diners Club is still in operation, its glory days are gone. However, no matter what the current situation of Diners Club is today, it is undeniable that Diners Club’s historical position as the pioneer of the modern credit card industry, Frank McNamara, Alfred Blooming and Ralph Snyder He has made an indelible historical contribution to the birth, formation and development of the credit card industry.
It was the credit card era created by Diners Club that laid a solid foundation for the subsequent development of the credit card industry, and even the birth and development of giants in the credit card industry such as VISA, MasterCard, AE, MBNA, CapitalOne, DiscoverCard, etc. the basis of.
A photo of Diners Club founder Alfred Blooming with his wife and a photo of his tombstone were discovered on Amazon. Let us remember Frank McNamara, Alfred Blooming, and Ralph Snyder, the three great men who ushered in an era of payments.
To be continued: The History of Credit Cards (3) The Emergence of the American Express Card
How about the Industrial and Commercial Bank of China Credit Card Diners iGo Card?
Very good.
1. The relevant procedures for the ICBC Credit Card Diners Igou Kapu Card are complete, so it is very good.
2. Industrial and Commercial Bank of China Credit Card Diners Lai Shopping Card has many functions and is powerful.
What is Diners Club Credit Card?
Diners Club Credit Card is a financial product jointly developed by ICBC and Diners Club. This card is a RMB/USD dual-currency credit card, a dual-brand credit card with Diners Club/UnionPay, the medium is magnetic stripe, the card type is personal card, and the levels are divided into gold card and regular card.
ICBC Diners Club IGO Credit Card is a RMB-USD dual-currency credit card under the Diners Club brand. It is issued in three levels: platinum card, gold card and regular card. The card details are as follows:
1. Annual fee: Platinum card 2,000 yuan/year, Gold card 200 yuan/year, regular card 100 yuan/year. Annual fee is waived for supplementary cards;
2. No foreign exchange fee Diners Club was founded in 1950 by entrepreneur Frank MCMamaca as the first plastic payment card and eventually developed into an internationally accepted credit card. Chinese name Diners Club Foreign name Diners Club Founded in 1950 Founder Frank MCMamaca Diners Club (Diners Club) 1981 The largest retail bank in the United States---Hua...
Disadvantages of Diners Club
High overdue interest and a certain annual credit card fee will be charged.
1. Overdue Diners Club credit card repayments will require high interest payments and will affect your credit score.
2. When using Diners Club credit card, the card issuer will charge you a certain annual fee.
That’s it for the introduction of Diners Club Credit Card.