Released on: January 13, 2008, 6:19 am

Press Release Author: barbara camie

Industry: Financial

Press Release Summary: The method of credit involves sale of goods and services in
which the buyer does not require money.

Press Release Body: The offering of credit to the consumer can be automated by means
of a credit card. Shopping transactions are speeded up by credit cards by carrying
an identifiable number. Had it not been available a credit purchase would have
turned into a laborious process of recording your identity, address and repayment
terms.

The origin of credit cards were in the United States by 1920's where customers were
issued with credit cards by individual firms like hotels and oil companies, although
references about credit cards can be found as early as 1890 in countries such as
Europe.
In earlier credit cards sales occurred between the customer and the merchant, who
offered the credit card. The companies started accepting cards of each other by
1938.Today purchases can be made using credit cards from numerous third parties.

Credit Card Shapes

Plastic is not the only material for the construction of credit cards. Early tokens
of credit seen its creation paper, metal, fiber and celluloid.

John Biggins was the inventor of the first credit card to be offered by a bank. He
also invented a program called charge it between local merchants and bank
customers.
The issue of credit card by Diners club occurred in 1950 in United States. Frank
McNamara who was the founder of Diners club did the invention. A customer could eat
at restaurants without cash that accepted credit cards of Diners' club. The
restaurant would get the payment from diners club who were in turn paid by the
holder of the credit card. Technically rather than being a credit card it happened
to be a charged card, as the payment had to be made fully by the customer when it
was billed.

The issuing of first credit card of American express happened in 1958. This year
also saw the birth of BankAmericard (now commonly known as visa).

Credit card Popularity

The first promotion of credit cards was for salesman who had use for them on roads.
Early 1960s saw the offering of credit cards by more companies, which advertised
them
as a device that saved time instead of as a credit form. Master card and American
Express saw themselves becoming hugely successful overnight.

Active credit cards being mass mailed to those who did not request them and such
practices were banned by US Congress in the mid 70's. Although all regulations were
not friendly for the consumer. Nowadays credit card lenders keep on increasing the
interest rates with no explanation or warning. Lenders are always on the look out
for employment of new tactics for extracting larger penalties for the slightest
infringement of the payment rules. The most important factor is to read the
agreement of credit card rules to ensure there is no trouble from it afterwards.
However it is a requirement most people fail to do.
Another is the payment of only required minimum that leads to increase of credit
card debts.


Web Site: http://www.creditcardapplication4apply.info

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Near Admond Park

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