When was the first credit card issued?

The first credit card in the modern sense was issued by the Franklin National Bank in 1951. At first, it could only be used by merchants who in partnership with Franklin National Bank.

Later, banks began to focus on developing merchants who could accept credit cards. Then banks told customers that credit cards could be used in more and more merchants. It is convenient. Since credit cards are good for banks, merchants and consumers, its development is rapid.

By the third quarter of 2015, amount of credit cards had reached 320 million, according to industry research by the American Bankers Association.

The cardholders will get following benefits:

  1. Funds is safer. As people do not carry large amounts of cash, they avoid the risk of theft or loss. In addition, the difficulty of identity theft on credit cards is high. Even if it happens, cardholders’ liability on fraudulent charges is to $50.

  2. Using credit cards can avoid some problems when signing a check. Such as checks fraud, etc.

  3. Credit cards also offer mail shopping, which is online shopping for people today. People don’t have to go to the store or mail checks and orders. Just choose the items they like and pay by the credit card.

  4. People can always get credit support rather than take time to apply for loans from banks. They can also get a grace period (about a month).

When was the first credit card issued?