Here's who invented the credit card.
This is because it is used constantly and is part of the universe of thousands of people. Many people want to know who invented the credit card. With this in mind, we're going to show you how one of the most widely used forms of payment in the world came about.
First of all, we need to point out that credit cards offer interesting facilities for customers. In this sense, because it has so many advantages, it's worth looking back at the history of its emergence.
Who invented the credit card?
First of all, we need to remember who invented the credit card. In 1946, Charge It was created in New York by banker John Biggins. In this sense, it could be used in various stores in the city, as it is today.
However, the payment was made in cash without any kind of installment and only in stores that were members of that card. As such, the first experiences of Charge It (the credit card of the time) were positive and evolved over the years.
Of course, we'll show you the sequence of the history of the credit card. However, it was through the creation of Charge It in New York that the real starting point began for it to become popular throughout the country and automatically the world.
Finally, the evolved card system that exists today is only possible thanks to John Biggins, who installed the card purchasing system in the city's stores.
Evolution of the credit card
Above all, the evolution of the credit card took place in 1958 when Bank of America allowed customers to pay in installments for purchases with long-term interest. However, the evolution continued in 1965, when the Bank of America system was licensed. The movement created a bank card association that made it possible to use them throughout the United States, which was called Bankamericard.
How do credit cards work today?
In principle, the credit card has several features that make the user's life even better. You can make purchases online, in physical stores and supermarkets. This facility to use the credit line anywhere makes it indispensable in everyday life.
On the other hand, it's important to note that not everyone can use the card. This is because you need a line of credit approved by the bank. In this sense, the customer must have an unrestricted CPF and have their payments up to date with the financial institution in order to get the card.
This sum of factors is a prerequisite for getting credit. However, it's worth making the effort to get a line of credit, since it's 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 give customers benefits.
As such, the customer makes purchases with the credit card as a matter of course. However, points are accumulated with every purchase made. There are several ways to collect points, depending on how the bank makes them available.
What is the advantage of having points on your card?
Credit card points are not yet worth money. However, it can be compensated for in other ways, such as reducing the card bill, buying miles and other advantages that the institution will make available to its customers.
Of course, the most advantageous way to use your card points is to exchange them for miles. Then 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 the credit card has evolved since 1946. In this sense, it has gone from being a card used only by bank users in affiliated stores to becoming a facilitator when it comes to important purchases.
So it's always important to know who invented the credit card. In fact, if it weren't 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 attitude has become a conventional form of payment for thousands of people.
Finally, to find out more about how the credit card 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 credit line came into being.
