The first card ever used for purchasing purposes was traced way back in 1930’s. It was a rectangular sheet metal known as the “Charga-Plate”, developed by the Farrington Manufacturing Company. However, the customers were not allowed to bring the card home and were kept in the store. The store will only use it every time a regular customer will make a purchase from their store.
In 1950, Ralph Schneider and Frank McNamara of Diner’s club developed a charge card that can be used in multiple restaurants in New York. This was considered as the first “plastic money”. It was not until, in 1970 though that the conception of magnetic strips with customer’s information on credit cards was applied. Nowadays, very credit cards has identifying number which carries the customer’s name, billing address and other personal details which speeds up the store operations.
|A Charga Plate|