Fast and Easy Credit CardsQuick and easy credit cards
Several of these credit cards became independent icons of state. 1947 saw the first ever ticker that enabled someone to obtain credit not only from a shop, but also from a number of shops: the Charg-It. Then in 1949, the Diners Club ticket was issued to the traveller.
The American Express batch cards and bank credit cards were added in the fifties. However, the early credit cards had two big issues to resolve. Every ticket had a credit line of $500 (£380), no question asked - nearer to $5,000 (£3,800) in today's deal. By the end of 1960, Bank of America alone had one million credit cards in use.
Extract a credit and the seller would have to call your local banking company and talk to a cashier to approve the deal. In particular, the magnet stripe - initially designed in the early sixties by Forrest and Dorothea Parry for use on CIA cards - was one of them.
Read more by Tim Harford: But having such easy, non-personal credit on call could do weird things with our minds. Some years ago, two MIT scientists, Drazen Prelec and Duncan Simester, conducted an experimental test to see if credit cards make us more comfortable when it comes to paying people. To the other group was said that only the credit cards payments will be allowed.
The credit cards group offered significantly more for the ticket, more than twice as much for a particularly game. Killing the money? Only 20% of payment in Sweden is made in stores with money - and only 1% of all expenditure by value is made in money.
A lot of times, your financial situation isn't enough: an air carrier, a rental company or a resort wants your credit cards, not your funds. Used sensibly, credit cards can help us administer our funds. There is a danger that they will make it too easy to just give out monies - funds we don't necessarily have.
Rotary loans - this peculiarity of a credit or debit cards - today in the United States are around 860 billion dollars (656 billion pounds), more than 2,500 dollars (1,900 pounds) for every US grown-up. When you ask about all this, you ask about it, and it worries them. But when they think about their own cards, they are content.