The July 24 , 1968 Las Cruces Sun - News ( Las Cruces , NM ) ran this spell by Jack Lefler about the possibility of a cashless smart set that would use a single identification carte .
NEW YORK ( AP ) – Want to hunt polar bear in Alaska , entertain your mother - in - law at a Paris eating house , lease a house - boat for a Mississippi cruise , hire a big - name orchestra for your daughter ’s nuptials reception — and charge it ?
All you need is a recognition carte du jour .
These are some of the more bizarre agency you’re able to use a quotation add-in but their purchasing mogul extend the whole gamut of goods and services .
It ’s judge that Americans are conduct 200 million credit card and using them to spend around $ 50 billion a class .
As a effect of the proliferation of credit cards , there has been far-flung speculation about the possible action of a checkless , cashless society in the future .
Some banker picture countrywide system In which a single identification card would be used in situation of all checks and almost all hard cash .
But American Express , a bountiful name in the mention circuit board industry , enounce , “ The individual - card system could n’t be further from reality today . The most striking feature of our present system of transferring money is the multiplicity of credit cards . ”
Credit cards as we have a go at it them today were pioneered in 1950 by Diners ’ Club , which was create with 200 member , an initial investment of $ 18,000 and a smattering ot eatery In the New York City expanse . Within a year it had grown to 10,000 members who could charge at more than 1,000 formation .
Credit cards now come down into three category :
— Travel and entertainment . operator in this field are American Express , Diners ’ Club and Carte Blanche . These cards are hold primarily by occupation and professional humanity .
— Private label . Oil fellowship , airlines , hotel , car rental companies and section stores declare oneself these cards in the main to advance their services or mathematical product .
— Revolving reference cards . These cards , for the most part regional or local in nature , are publish mainly by banks and financial organizations and are imply chiefly for enjoyment by housewives for shopping .
The mention card companies derive their tax income from discounts from governance which accept the calling card in lieu of hard cash and from membership fees . Some credit card praxis have total in for criticism recently , mainly because of the mailing of unsolicited cards by banks and some others in the revolving credit field of force .
Read more : Credit Card Rings ( 1964)Online Shopping ( 1967)Prelude to a Great Depression ( The Chronicle Telegram , 1929 )
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