Who invented the credit card: the full story?

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See below who invented the credit card.

Namely, due to its constant use and because it is part of the universe of thousands of people. There are many interested parties wanting to know who invented the credit card. Knowing this reality, we will show how one of the most used forms of payment in the world came about.

First of all, we need to point out that credit cards provide interesting facilities for the customer. In this sense, because they have so many advantages, it is worth remembering the history of how they came into existence. 

Who invented the credit card?

First of all, we need to remember who invented the credit card. In this sense, Charge It emerged in 1946, which was created in New York by banker John Biggins. In this sense, it could be used in several stores in the city as it is used today. 

However, payment was made in cash without any type of installment and only in stores that accepted that card. Therefore, the first experiences with Charge It (credit card at the time) were positive and evolved over the years. 

We will certainly show the sequence of the credit card's history. However, it was through the creation of Charge It in New York that the real starting point for it to become popular throughout the country and automatically throughout the world began.

Finally, the evolved card system that exists today is only possible thanks to John Biggins who installed the card purchasing system in stores in the city.

Credit card evolution 

Above all, the evolution of the credit card took place in 1958 when Bank of America allowed customers to pay for purchases in installments with long-term interest. However, the evolution continued in 1965, when this system was licensed by American banks, the movement created a bank card association that allowed use throughout the United States, called Bankamericard. 

How does credit card work nowadays?

Initially, credit cards have several features that make the user's life better. In this sense, it is possible to make purchases online, in physical stores and supermarkets. Therefore, this ease of using the credit line anywhere makes it indispensable in everyday life. 

On the other hand, it is important to note that not everyone can use the card. Since it requires a line of credit approved by the bank. In this sense, the customer must have an unrestricted CPF and be up to date with payments to the financial institution in order to obtain the card.

Therefore, these factors are prerequisites for obtaining credit. However, it is worth making the effort to obtain a line of credit, since it is possible to pay in installments or postpone a payment that would otherwise be made in cash. 

From Charge It to Credit Card Points

First of all, we can see who invented the credit card and how many benefits have been added over the years. However, unlike in 1946, most cards accumulate points to grant benefits to customers. 

Therefore, the customer makes purchases with the credit card naturally. However, points are accumulated with each purchase made. Therefore, there are several ways to collect points, depending on how the bank makes them available.

What is the advantage of having points on the card? 

Namely, credit card points are not yet worth money. However, they can be compensated in other ways such as reducing the card bill, buying miles and taking advantage of benefits that the institution will make available to customers.

Certainly, the most advantageous way to use your card points is to exchange them for miles. This way, they can be sold and you can make a real profit on the points. 

Conclusion 

At first, we mentioned the issue of points and miles sales to show how credit cards have evolved since 1946. In this sense, they stopped being a card used only by bank users in partner stores and became a facilitator when making important purchases.

Therefore, it is always important to know who invented the credit card. In fact, if it weren't for John Biggins We wouldn't have the facilities of paying in installments, buying online and having points to convert into air miles. In this sense, a simple action has become a conventional form of payment for thousands of people.

Finally, to learn more about how credit cards came about and other information on the subject, follow our publications. Also, always read this text when you want to understand the context in which the world's first line of credit emerged.