A Brief History of Credit Cards

Mar 11, 2020 | Credit Card Processing

Our nation’s great victory in WWII and the subsequent baby boom are responsible for what we know as the modern credit card. Businesses and families were growing at unprecedented rates, and consumers were optimistic about their future. Growth requires spending, and Americans were making the most of peaceful times and new prosperity.

Diner’s Club introduced their card in 1950, but it was simply a ‘charge card,’ meaning that the full balance needed to be paid every month in order to avoid penalties. In 1958, American Express offered a similar type of card. Later that same year, Bank of America launched its card with a small limit and the option to carry balances forward to the next month. The original BankAmericard is now known as Visa. Mastercard hit the market in 1979, followed by Discover Card in 1986.

Of course, now almost any business from department stores and oil companies to airlines and eCommerce operations offer their own credit card versions or offshoots of Visa, Mastercard, etc.

Consumer credit card debt in the U.S. grew more than 6% by the end of Q2 in 2019. The average person has over $6,000 in card debt, and 2019 statistics indicate that there are over 357 million active credit cards being used in the U.S. at any given time.

As for merchants, if they don’t accept credit cards it is a rare occurrence. You will see that more commonly in small towns, where retail shops and restaurants don’t want to pay processing fees because their margins are so tight. In a way, it certainly makes sense for them. After all, if you really wanted that meal there would be an ATM nearby so you could grab some cash.

Credit card processing fees are a necessary evil, and business owners usually cringe every time they receive another confusing statement ‘explaining’ the various fees and how much their bottom line is impacted. A Nobel Prize winning mathematician would toss the statement in the trash and tell colleagues, “I can’t handle this.”

But Swype Fast can eliminate up to 99% of a merchant’s credit card processing fees, and offers other valuable services created and managed by financial experts who truly understand your frustrations and need for effective solutions.

What would you do with extra money in your bank account every month? It could pay for rent, utilities, and insurance. What about adding employee benefits so you can retain your workforce? Vacations, expansion, retirement…you get the idea.

Just contact us today and begin seeing amazing results faster than you ever imagined.

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(800) 597-0713

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