Credit Card Visa - How Visa Was Born

The origin of the first wide-use charge account dates to the late 1940s, and is attributed to New York businessman Frank McNamara. McNamara and his friend, Schneider became the first diners to say "charge it" when they sat down to a February 1950 meal at Major's. The credit card industry recognizes the importance of this meal even though the Diners Club card was not technically a credit card, since Diners Club members were expected to settle their bills each month. With 20,000 cardholders by the end of 1950, the Diners Club was an instant success. By 1952, franchises has been set up on Canada, France and Cuba, and in 1955, Western Airlines became the first air carrier to take payment by the Diners Club card.

Visa's history began in 1958. when Bank of America initiated its Bank Americard program in Fresno, California. At last, the company only planned to provide the program and infrastructure across the California state only. On the heels of Diners Club, American Express introduced a card in 1958 for paying entertainment and travel costs. The next year, Bank of America issued a "revolving credit" card that could be used for a greater range of purchases and paid off over a longer period of time, with interest. But in 1965, Bank of America started to subscribe licensing agreements with a collection of banks outside California.

Over the following years, numerous banks nationwide would license the card system from Bank of America. In the late 1960s, Dee Hock, one of the heads of a group of Bank Americard licensee banks, suggested that the banks create an association. The banks' association would act as a joint venture, enabling members to gain the advantages of a centralized payments system while also competing fairly for their own benefit. Hock became the association's first president.

One year later, in 1967, four California banks established the Master Charge program. Twelve years later, the program was renamed Master Card to compete with the Bank Americard program. The Bank Americad was itself renamed VISA in 1977.

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Jeff K is an expert author on Ezine articles and loves to share with others about his credit card experiences He maintains his own updated credit card website in which consumers can shop online for the best credit card offers.

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