History of credit cards #how #do #you #get #your #free #credit #report

#first charge card
#History of
credit cards Credit was first used

in Assyria, Babylon and Egypt 3000 years ago. The costs of exchange the forerunner of banknotes was established in the 14th century. Financial obligations were settled by one-third money and two-thirds bill of exchange. Paper currency followed only in the 17th century.The very first advertisement for credit was positioned in 1730 by Christopher

Thornton, who used furnishings that could be settled weekly.From the 18th century till the early part of the 20th, tallymen sold clothes in return for little weekly

payments. They were called tallymen because they kept a record or tally of exactly what individuals had bought on a wood stick. One side of the stick was marked with notches to represent the amount of financial obligation and the opposite was a record of payments. In the 1920s, a consumer s plate a buy now, pay later system was presented in the U.S.A. It could only be used in the shops which issued it.The first charge card In 1950, Diners Club and American Express introduced their charge cards in the USA, the firstplastic loan. In 1951, Diners Club

released the first charge card to 200 consumers who might utilize it at 27 restaurants in New york city. It was only up until the establishment of requirements for the magnetic strip in 1970 that the credit card became part of the info age.The very first use of magnetic stripes on cards was in the early 1960 s, when the London Transit Authority set up a magnetic stripe system.

San Francisco Bay Area Rapid Transit installed a paper based ticket the exact same size as the charge card in the late 1960 s.The word credit originates from Latin, meaning trust. Ironically. Practically half of all credit card disputes have to do with web transactions. And the default rate on the

1,5 billion credit cards in the United States is 13%. Checks(cheques)came into usage in 1875. Before you write one out you need to consider how safe is your bank.It will be worth your while to read the Federal Trade Commission monetary