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Old 01-20-2019, 02:21 PM
 
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Credit cards and living standards.

Evolution of us and our stuff.

We become aware of, then desiring, then intend obtaining, then are deprived if we have not obtained and retained stuff.

I've recognize many such items in my lifetime have evolved from toys of the wealthy that were generally less known and/or considered by USA's general population, to be coming more prevalent among the upper middle-income earners, to a general convenience, to almost necessities that lacking of which were cases of actual or near deprivation.
Prior to my birth, that evolutionary concept applied to indoor plumbing, public utilities, schools, museums, libraries, bridges, tunnels gramophones, crystal-radios, movie theaters, and refrigerators.

It seemed as almost every other Bronx family had a TV before my mother purchased our Emerson TV. I had been working “on the books” for more than a year before I was shamed and committed to pay monthly phone bills. I ordered a phone installed in our apartment because my uncle Harry wanted to be able to phone his sister.
I'm old enough to remember when no one knew of credit cards. “Diners' Club” was the first credit card that USA's general public became aware of. A financially elite segment of USA's population, an “expense account society” was being more generally heard and seen.

I applied for a credit card after I had contemplating the possible need a car later in the month. I inquired as to how much deposit I would require to rent a car and learned deposits were generally unacceptable. It makes sense; if a bank wouldn't extend you credit, why should a company trust you with their vehicle and the insurance risks?
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Old 01-20-2019, 02:32 PM
 
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Diners club was not a true credit card though . It was a card that had to be paid in full every month . Master card actually I think was the first revolving credit card
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Old 01-20-2019, 04:28 PM
 
Location: Aurora Denveralis
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Quote:
Originally Posted by mathjak107 View Post
Diners club was not a true credit card though . It was a card that had to be paid in full every month . Master card actually I think was the first revolving credit card
If you want to get fussy, DC and the original Amex and so forth are charge cards, modeled on the department store cards that were based on customer-name accounts, all of which were expected to be paid monthly.

Credit cards that allowed revolving purchase and payment began with BankAmeriCard around 1964, which became Visa in the early 1970s.
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Old 01-20-2019, 04:36 PM
 
Location: Thailand
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Why wouldn't a card that extends credit be called a credit card, regardless of whether payment terms are mensual or the more common min balance deal?
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Old 01-20-2019, 04:56 PM
 
Location: Aurora Denveralis
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Quote:
Originally Posted by lieqiang View Post
Why wouldn't a card that extends credit be called a credit card, regardless of whether payment terms are mensual or the more common min balance deal?
You're asking whether the English language or financial terms that evolved from around 1900 make logical sense?

"Credit card" has pretty much subsumed all prior terms, but prior to revolving consumer credit and while both types of cards were common, "charge card" meant one thing and "credit card," another.
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Old 01-20-2019, 04:57 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by lieqiang View Post
Why wouldn't a card that extends credit be called a credit card...
Because extending credit wasn't the intended purpose of them.
Just the same sort of "open account" courtesy that businesses would extend to regular customers
or you have with utilities or cable. Not paying when due was a problem not a profit center.
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Old 01-20-2019, 04:57 PM
 
1,212 posts, read 623,271 times
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Quote:
Originally Posted by Quietude View Post
If you want to get fussy, DC and the original Amex and so forth are charge cards, modeled on the department store cards that were based on customer-name accounts, all of which were expected to be paid monthly.

Credit cards that allowed revolving purchase and payment began with BankAmeriCard around 1964, which became Visa in the early 1970s.
Quietude, the term debit card indicates the expectation money will be immediately withdrawn from the customer's account. But most debit card accounts have credit and if the money ain't there, the purchase amount becomes a credited loan. I'm not sure if the banks differ between cash loans and credited purchase loans; do they immediately charge interest or charge interest after the due date of the monthly billing invoice's stated due date?
I never paid attention to it.

Prior to my first card, a master card that I believe was a debit card, I had a Montgomery Ward revolving credit card while I was in the service. It was convenient for ordering things by mail. I was stationed in New Foundland at the time and not near a city. That was in 1956-1957.
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Old 01-20-2019, 05:01 PM
 
Location: Aurora Denveralis
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Originally Posted by MrRational View Post
Because extending credit wasn't the intended purpose of them.
Just the same sort of "open account" courtesy that businesses would extend to regular customers
or you have with utilities or cable.
The technical term for that is "credit."
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Old 01-20-2019, 05:04 PM
 
Location: Aurora Denveralis
4,889 posts, read 1,604,058 times
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Quote:
Originally Posted by Supposn View Post
Quietude, the term debit card indicates the expectation money will be immediately withdrawn from the customer's account.
This discussion has nothing to do with debit cards. Everything above is variations of credit, with some era differences of terminology.

A name/signature account with a department store ca. 1920 was "credit." It was just rarely called that, in favor of the term "charge" - the customer charging a purchase against his store credit account, for billing and payment at the end of the month. Which turned into identity cards in the 1940s, and then into multi-merchant charge cards in the 1950s. The multi-merchant credit card with revolving credit came about 1964.

None of these directly took funds from any customer account.

ATM cards, which evolved into debit cards, came much later, around 1980.
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Old 01-20-2019, 05:14 PM
 
1,627 posts, read 581,478 times
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wow.
brings back memories.

the first REAL credit card i ever saw was a PAPER one from Master Charge.
i rich friend of mine bought some snow skis with his. i was amazed.
he showed it to the clerk and signed his name on a piece of paper.
walked out with a receipt and skis.
i should have asked him about it,
but i was dumbfounded. all day.
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