As the story goes, 60 years ago, Frank McNamara, the founder of what’s considered the first credit card, was eating out at a restaurant, and when the check arrived, he realized that he had not brought along his wallet. The embarrassing situation led him to eventually create the Diners Club card, which allowed members to pay restaurant bills monthly.
The card itself was wallet-sized and made of paper and wasn’t any fancier than a library card. But the idea behind it-a third party facilitating a “buy-now, pay-later” process-was revolutionary.
Diners’ was probably the first credit card that was able to be used in more than one establishment that was not a department store and did not require the opening of separate accounts. I can still remember my mother using her Charge-a-Plate, a small metal plate (about one inch by one and a half inches) at the May Co. It was notched to fit into that store’s manual printer. As you got more accounts at various stores, more notches were cut into the plate. Status was denoted by the number of notches on your plate.
Old Geezer – I still have a Charge-a-Plate initiated at Woodward and Lothrop Department Stores in Washington, D.C. It has notchs for two other stores in D.C. All of them have been swallowed up over the years.
Another thing about credit cards is the unlimited card that comes from VISA and Mastercard. It is usually black and in fact can be used to charge anything at any price. It is almost impossible to get one, but wow, what a status symbol.
Richard, is that what we used to buy GM and Chrysler or do we not qualify because we’re too deeply in debt?
Those cards are only for people who don’t need one.
I can think of a few cases where people rate their status by how many “notches” they accumulate.
CA Kris – Infidel? On his bedpost?
ya the first credit car waz actually believed to be in the 17th century but it was a small tile and if you were not able to pay ur debt to the bank your stone would be cracked in half
alex, gimme a break. They should have cracked skulls in half.