1. Credit Card Mom
Credit Cards introduce financial flexibility into modern consumers' lives. For those who always pay off their balances, credit cards eliminate the need to carry cash or obtain check-cashing approval. For those who carry a balance, credit cards allow acquisition of goods and services that cannot be paid for in full when purchased.
The twenty-first century extent of credit card use may be new, but its function is not. Before 1900, American families obtained "book credit" from merchants who allowed the same financial flexibility now provided by credit cards. But urbanization and the chain store movement rendered the old system of book credit infeasible.
The first step on the road to credit cards was development of store-specific metal charge cards in 1928. These cards continued the system of extending credit to favored customers. Clerks no longer needed to assess customers' creditworthiness; any one with a charge card received store credit.
Oil companies moved into credit cards as a way of building a customer base. As automobiles increased in popularity in the 1920s and gasoline stations proliferated, oil companies gave loyal customers paper "courtesy" cards that could be used at any of their stations. Balances were paid in full monthly. In 1939, Standard Oil of Indiana made a startling move when it mailed 250,000 unsolicited cards. By 1940, over 1 million cards circulated. In the 1950s, gas companies moved to embossed aluminum charge cards in the size still common in the early 2000s.
Early charge cards did not possess the key feature of modern credit cards: revolving credit, which allows card-holders to pay balances over time while simultaneously charging new amounts. Wanamaker's Department Store in Philadelphia moved toward a revolving charge account in the late 1930s when it gave customers four months to pay off a balance. This was not truly revolving credit, however; new charges were prohibited until the previous balance was paid. William Gorman introduced true revolving credit to department store cards in the 1940s, first at the L. Bamberger & Co. department store in Newark, New Jersey, and in 1947 at Gimbel Bros. of New York.
In all these cases, the card issuer's goal was to boost sales of the issuing company. Indeed, due to bad debts and fraud, the credit operations often generated a loss.
http://www.creditcardmom.com/
Find more:
credit cards, credit card,credit card offer, credit card application,credit card apply, platinum credit card,credit card rewards, reward credit card,prepaid credit card, discover credit card,secured credit card, business credit card,credit card visa, cash back credit card,no annual fee credit card, credit mastercard,credit card offers, apply for credit card,credit card apr, best credit card,bank credit card, credit card companies,compare credit card, student credit card,mbna credit card, credit card processing,credit card debt, new credit card,credit card company, travel credit card,credit card applications, free credit card,free credit cards, get credit card,business credit cards, visa credit cards,instant approval credit cards, small business credit card,instant approval credit card, instant credit card,credit card information, mastercard credit card,credit card info, apply for a credit card,bad credit card, mastercard credit cards,credit card check, low interest credit cards,bank of america credit card, credit card balance transfer,bad credit credit card, unsecured credit card,prepaid credit cards, low rate credit card,capital one credit card, apply for credit cards,bank credit cards, credit card services,credit card comparison, secured credit cards,credit card fraud, bad credit credit cards,gas credit card, sears credit card,credit card help, credit card search,canadian credit card, airmiles credit cards,credit card ratings, credit card review,credit card reviews, credit card payment,internet credit card, credit cards canadian,visa credit card application, guaranteed approval credit card,travel credit cards, rebate credit card,cash back credit cards, credit cards application,apply online for credit card, small business credit cards,reward credit cards, apply credit cards,rewards credit cards, international credit card,cibc credit cards, cibc credit card,credit card approval, credit card limit,credit card use, credit card details,instant credit cards, credit card benefits,credit card cash, 0 apr credit card,bank of america credit cards, credit card balance,low interest rate credit card, low interest rate credit cards,credit card industry, history of credit cards,credit card balance transfers, gold credit card,online credit cards, credit card interest rate,0 apr credit cards
|
