Abstract: For current purposes, the turning point in the history of the credit card was in the 1960s when banks recognized the potential for profiting from the issuance of payment cards and began to offer products that competed with Diners Club and American Express. Bank of America created the BankAmericard in 1958, a product that eventually evolved into the Visa system. In 1966, a group of card-issuing banks, fearing the competitive ramifications of joining the Bank of America network, established their own network, which eventually developed into MasterCard. The most interesting part of that story is that the credit card product went to market and was able to survive. In truth, the question is not why the revolving credit card has been slow to catch on outside the United States, but how it ever managed to succeed in the United States.
Publication Year: 2006
Publication Date: 2006-09-11
Language: en
Type: book-chapter
Indexed In: ['crossref']
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