Category: History

  • Credit Cards – Competition

    As difficult as it was for Diners Club to overcome all of these obstacles, its most serious challenge would come from competitors within the credit card field. Throughout most of the 1950s, it had the field almost entirely to itself, with the exception of a number of smaller bank credit card operations. In 1958, Diners […]

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  • Development of the Universal Cards

    In many ways, the cooperative credit card operation was quite similar to the universal credit card operations that would soon follow. However, there were two important differences. First, although each retailer’s card could be used at a limited number of stores, each retailer also retained its identity and relationship with its customers. Second, cooperative credit […]

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  • The Origins of Revolving Credit

    Retailers also reentered the credit card industry with a number of new innovations. By far the most important of these was the refinement of the concept of revolving credit. As we have seen, retailers offered credit in various forms to their customers to stimulate sales of goods and retain customer loyalty. As in other industries, […]

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  • Universal Cards: The Early Year

    Both economically and psychologically, postwar America was primed to take advantage of the onslaught of consumer goods. Victories in Europe and the South Pacific had raised confidence in the country to a new high. The Social Security system, now firmly entrenched, promised every American a secure old age. Other government programs, such as worker’s compensation […]

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