The first credit card was issued in 1951

The first credit card was issued in 1951Credit
was first used in Assyria, Babylon and Egypt 3000 years ago. The bill
of exchange – the forerunner of banknotes – was established in the 14th
century. Debts were settled by one-third cash and two-thirds bill of
exchange. Paper money followed only in the 17th century.The
first advertisement for credit was placed in 1730 by Christopher
Thornton, who offered furniture that could be paid off weekly.From
the 18th century until the early part of the 20th, tallymen sold
clothes in return for small weekly payments. They were called
tallymen because they kept a record or tally of what people had
bought on a wooden stick. One side of the stick was marked with notches
to represent the amount of debt and the other side was a record of
payments. In the 1920s, a shoppers plate – a buy now, pay later
system – was introduced in the USA. It could only be used in the shops
which issued it.dinersclub2 The first credit card was issued in 1951In
1950, Diners Club and American Express launched their charge cards in
the USA, the first plastic money. In 1951, Diners Club issued the
first credit card to 200 customers who could use it at 27 restaurants
in New York. But it was only until the establishment of standards for
the magnetic strip in 1970 that the credit card became part of the
information age.The first use of magnetic stripes on cards was
in the early 1960s, when the London Transit Authority installed a
magnetic stripe system. San Francisco Bay Area Rapid Transit installed
a paper based ticket the same size as the credit cards in the late
1960s.The word credit comes from Latin, meaning trust.Cheques (checks) came into use in 1875.creditcardsnt5 The first credit card was issued in 1951