In America, credit card history isn’t something most people think about. This is because credit, and thus credit cards, seem to be a timeless method of payment. However, the use of plastic payments is, for the most part, a twentieth century luxury. At the turn of that century, a well-organized system and practice of credit simply didn’t exist. Today, however, most habitually rely on the convenient use of plastic to secure a variety of services and items. So, how exactly did the phenomenon known as credit spread so rapidly and who is the person responsible for inventing the first credit card?

Early Systems of Credit

During the 1920’s, the use of credit was regularly practiced in both the hotel, as well as the oil industries who commonly extended credit to their fondest customers. This allowed patrons to pay for goods or services they purchased later. Credit was first offered only from merchant to customer, who had to repay their debts directly with the original merchant.

Replicating the successes of hotel and oil companies, stores began offering lines of credit to attract new customers and boost customer loyalty. As a new credit concept began to grow in popularity with consumers, merchants formed groups based on agreements to do business with consumers by accepting credit purchases on cards from other stores within their group. This joining of forces gave consumers the luxury of shopping at a wide range of stores, while keeping the same agreement they had with the original merchant.

Early Charge Cards

John Briggins later created the charge card when he introduced the “Charge-It” program in the mid-1940s, which permitted merchants to directly deposit sales slips at their bank and, in turn, the bank would then bill that merchant’s credit customers. A few years later, the Diner’s Club card made it’s debut, allowing customers to dine at their choice of 27 restaurants in New York, and settle their bill later. Though the “Charge It” method, and the Diner’s Club agreements share roles in the foundations of the modern system of credit, neither are considered true credit programs. This is because, at that time, customers were bound to paying the whole amount due at each billing. Of course, this is in contrast to installment payments currently accepted by most credit card companies today. This affords consumers the ability to carry balances over several months. Each of these early programs has it’s place in the formation of true credit cards, as they are the conceptual foundations on which the modern credit system is built upon.

American Express and Bank of America Take Credit to New Heights

In 1958, American Express offered their premier charge card with Bank of America debuting the Bankamericard later that year. Soon after this the Bankamericard was re-named as the Visa card and is actually the first credit card to be almost universally used by consumers and accepted by merchants across America, as well as other countries.

Credit Cards Then and Now

Recalling the invention of the credit card unveils a perfect illustration of how rapidly strong business ideas will spread and transform how business is done worldwide. In a short amount of time, the credit card became an incredibly popular and convenient tool that’s frequently used in the marketplace. Understanding their purpose and how they came into being, helps in respecting how they are used today.

Post from: Credit Report Repair

History of the Credit Card

Just what kinds of rewards are available? There are many kinds of credit card reward programs:

Points – By far the most prevalent kind of reward, spending money with this type of credit cards enables users to collect points with each purchase. These points can be redeemed for any number of rewards, such as gift cards, merchandise, and hotel accommodations. Now, different reward programs will offer you access to different rewards, so make sure that these rewards are actually things you would find useful.

Air miles – For some, receiving air miles on goods they would regularly purchase is a quick way to accumulate more miles on their airline loyalty program account. It’s common knowledge that air travel is actually quite costly, and having the ability to get free airline tickets excluding taxes and fees is actually a huge advantage. In fact, this can be a super way to increase the miles you would earn with only a frequent flyer membership card.

Cash back – Although not really as common as the other reward schemes, getting cash back is possibly one of the greatest rewards you can get earn thanks to its flexibility. With cash, you aren’t locked in to earning only the items that are listed in the rewards catalog. Plus, cash has the added ability of accumulating interest (however small) in your savings account. It’s similar to getting a discount on just about anything you spend money on.

With any credit card reward program, it’s critical to think about any additional costs that are associated with the credit card in question. In some cases, credit cards stipulate that the user is responsible for an annual fee to be a member. In this example, you should think about whether or not the rewards you can get really compensate for this added expense. Sometimes, this annual expense can be waived if you use the credit card a specific number of times or charge a specific amount to it each month. Thus, look at your own spending habits to decide if the reward program is worth it to you. It obviously makes no sense to pay more than what you reward program can offer.

Now, which are the best rewards credit cards? For a list of the top offerings, check out Best Rewards Credit Cards (http://bestrewardscreditcards.biz). This detailed blog takes a close look at a bunch of credit card reward programs and shows you to the best ones as determined a number of critical factors.

So what are you waiting for? Check out Best Rewards Credit Cards and make your credit card company pay you!

Post from: Credit Report Repair

Finding the Best Rewards Credit Cards Available

Just what types of rewards are out there? Credit card reward programs can come in many forms:

Points – By far the most prevalent type of reward, buying things with this kind of credit cards allows users to receive points with each purchase. These points can be redeemed for many different rewards, such as gift cards, goods, and spa treatments. Now, different reward programs will give you access to different rewards, so take a close look to see if these rewards are honestly things you would find useful.

Air miles – For those who love traveling, receiving air miles on things they would regularly buy is a wonderful way to fill up their airline loyalty program account. It’s common knowledge that air travel is really quite pricey, and being able to get free airline tickets save taxes and fees is certainly a great thing. Also, this can be a super way to boost the miles you would earn with only a frequent flyer membership card.

Cash back – Although not really as easy to find as the other reward programs, receiving cash back is possibly one of the best rewards you can receive due to its flexibility. With cash, you aren’t locked in to getting only the items that are shown in the rewards catalog. Don’t forget, cash has the added flexibility of earning interest (however small) in your savings account. It’s similar to receiving a discount on almost anything you buy.

When examining a credit card reward program, it’s important to consider any additional costs that will come with the credit card in question. Many credit cards state that the user pays an annual fee to be a member. In this example, you should calculate if the rewards you can receive actually account for this added expense. In some cases, this annual fee can be waived provided you use the credit card a set number of times or charge a set amount to it every month. So, consider your own spending habits to determine whether or not the reward program is worthy of joining. It definitely isn’t prudent to pay more than what you reward program can offer.

So, which are the best rewards credit cards? For a list of the top offerings, head over to Best Rewards Credit Cards (http://bestrewardscreditcards.biz). This authoritative website analyzes a bunch of credit card reward programs and reveals to you to the best ones based on a number of important factors.

Don’t you think it’s time to stop paying your credit card company? Check out Best Rewards Credit Cards and reap the benefits today!

Post from: Credit Report Repair

Benefit From the Best Rewards Credit Cards Around