Monday, September 15, 2008

History of Credit Cards

This article from Mercury News takes a look at the 50 year history of the Credit Card Industry. While the prepaid industry is still relatively new, it is interesting to recall the roots of this market. As the article mentions, 50 years ago, Bank of America sent a mass mailing to the residents of Fresno, a copy of the companies new Visa credit card. It became known as the Fresno Drop. The rest as they say, is history. Since then, the credit industry boomed and as of this summer, according to the Federal Reserve, revolving debt, mostly originating from credit cards, is $969.9 billion. With the many economic woes currently facing the industry, it will be interesting to see how the fledgling prepaid credit card industry will fare.

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