First Bank Credit Card

About First Bank Credit Card

The Diners Club card, launched in 1950, was the first universal charge card. Founded by Frank McNamara and Ralph Schneider after McNamara forgot his wallet at a New York restaurant. The card was cardboard initially and had to be paid in full each month. Diners Club expanded to 20,000 cardholders in its first year. American Express launched its charge card in 1958. BankAmericard, the forerunner of Visa, launched in 1958 and was the first revolving credit card. Master Charge, later MasterCard, followed in 1966. The credit card transformed consumer finance and created the modern credit scoring industry.