I learned some interresting history the other day. Here’s the blame list for credit cards:

*Diner’s Club was the first charge card. It did not, originally, allow balance carry month-to-month.
*First Interstate Bank created MasterCard.
*Bank of America created Visa.
*Sears created Discover and it is still owned by Sears Holding Corp it’s shadow parent company in Schaumburg, Illinois.
*Wells Fargo created American Express (and was originally just a postal mail and delivery service).
*JC Penny refused to allow credit purchases while he was alive and in control of the company. The “C” in JC was the initial for “Cash.” Blame his sons.

*Most of this happened in the late 1960s. What an amazing marketing job banks have done to sell their product (which is debt)!

Related posts:

1. Ten Items You Don’t Want to Purchase Using a Credit Card We posted a blog about a year ago which announced...
2. Don’t Use Your Credit Card For a Loan Consumer advocates are urging that now– more than ever– it...
3. Taking the Mystery Out of Credit Card “Minimum Payment” Requirements If you are one of the savvy consumers who pays...
4. Tips For Managing Your First Credit Card Whether you obtain your first credit card at age 18...
5. 45 Days to Opt Out of Credit Card Rate Hikes? Not So Fast As of Aug. 20, the new Credit Card Act requires...