First Modern Credit Card Introduced (1950): In 1949, Frank X. McNamara thought of a way for customers to have just one credit card that they could use at multiple stores. McNamara discussed the idea with two colleagues and the three pooled some money and started a new company in 1950 which they called the Diners Club.
The first Diners Club credit cards were given out in 1950 to 200 people (most were friends and acquaintances of McNamara) and accepted by 14 restaurants in New York. The concept of the card grew and by the end of 1950, 20,000 people were using the Diners Club credit card. The Diners Club credit card is considered the first modern credit card.
See full article: The First Modern Credit Card
