The First Universal Credit Card Launches

Setting the scene

Business travelers in New York carried dozens of store charge cards; Frank McNamara forgot his wallet at a dinner and imagined a single card accepted at multiple restaurants.

What happened

Diners Club issued its first cards in 1950, initially accepted at twenty-seven New York restaurants; cardholders paid an annual fee and settled one monthly bill.

Why it still matters

The charge card model evolved into revolving credit cards that reshaped consumer spending and debt worldwide. Memorable detail: the first Diners Club card was cardboard, not plastic.

Background

Plastic credit later reshaped consumer debt.