The story on the Evolution of The Credit Card is Interesting and Complicated
This short simple story of what is regarded as the First Credit Card started in 1949 a man named Frank McNamara a US citizen had a meal at the major Cabin Grill with two friends when the Tab arrived he realized he had left his wallet at home and his friends didn’t have enough money he phoned his wife who turned up with his money he vowed to never be embarrassed again stores had their own customers who had credit with them he took the step of starting a company with his two friends and called it Diners Club Card
A year later he returned to the Cabin in New York and paid the bill with his card within a year the business was growing with the elite in New York using their card in many Restaurants and two hotels accepting them and it continued to develop
In 1953 he sold his share of the business to Alfred Bloomingdale and Ralph Schneider for $200,000 he thought it wouldn’t last so he put his money in Real Estate by 1957 he was broke and died from a heart attack and look where we are now – STILL EVOLVING – I Wonder what he would make of it
Some say the story was not true and was created but there have been some very elaborate ways the companies have made money from the cards some illegal and others very expensive they can change the rules so beware of getting into silly debts the Legal Side is Madly Complicated
A Credit card is a kind of debt. The money you are spending on a credit card does not belong to you but the bank or providing institutions. You have to pay it back with interest.
And if you are not spending with a particular plan, undoubtedly it will become a hanging rope on your neck. Today you are happily using your credit card here and there, but tomorrow it might be the cause of your cry.
The money office is not telling you to not use credit cards. What the money office tells you is, take the experts’ advice before using a credit card. The people or companies who are dealing with financial matters can tell you what is best for you. They carefully examine your financial strength and ability and find the best solution for you. They will tell you what to do and what not to do.
The money office is an online-based site that gives you contacts and the best deals from financial companies. The money office, however, does not directly get involved with any transaction. The money office is a good friend for individuals by showing the way on the right track.
A Credit card is like plastic money to individuals. But if they use it with control, they will gain from it. Otherwise, a huge amount of debt will occur on individuals’ heads. Bank and companies that provide credit cards charge a higher rate of interest on it.
People use a credit card when they badly need to pay on something or they need money to buy immediate goods. They don’t think much at that time. And these decisions can go wrong later. That is the time to think. Think first and be safe. Don’t enter the world of debt abruptly.
Now the World is full of Contactless
Banks are hesitant to pay if you lose your card and it gets used when lost
Also when systems break down people don’t carry cash and are stuck
I’m old school so while we still have cash points I carry cash and only use cards on large payments