Wake up, study, work, eat, pay the bills, go on vacation, travel. This is the life cycle of many, who most of the time follow it on automatic.
However, in the midst of activities, money is needed, whether to buy food, public transport tickets or new clothes.
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With the development of technologies and even on account of security, money in paper and/or coin format began to be replaced by credit card, which nowadays even has a digital version.
But, have you ever wondered about when was the credit card invented? Discover with us this curiosity of the history of the world of economics!
Although present in the wallets of a large part of the population, the credit card is a recent invention.
The first niche of cards appeared 70 years ago, in 1950, us USA. The technology was created by the founding partners of Diners Club, Ralph Schneider and Frank McNamara.
However, the service offered was not similar to the recent one. At the time, it was constituted as a recharge card, which the consumer needed to pay in full at the end of the month.
Over time, credit cards progressed: new lines of credit emerged, magnetic strips were incorporated, as well as chips.
According to Lance Cothern, from Credit Karma, it is the responsibility of the Bank of America the creation of the card as we know it today, offering an invoice to be paid at the end of the month.
This occurred in 1958, in the same year, the American Express Company provided a card with no annual fee for use on trips.
BankAmericard was what Bank's card was called, it had a limit of US$ 300. In 1970, it became National BankAmericard, joining new banks and becoming magnetic. A visa flag originated from the institution.
Prior to creation of magnetic tapes, the machines copied credit cards to process the payment. Through xerox and with the computer system, it was possible to send the consumer's bank details to the transfer center.
Only in 1969 did IBM help in the development of magnetic cards, which would later be used across the globe. The standard made it possible for the cards to transmit information in real time from anywhere on the face of the Earth.
Not so long ago, magnetic tape was still the most popular way of storing and transmitting information.
However, with the incorporation of a new technology, the EMV, introduced in the early 2000s, the cards were coupled with a data chip, which generated codes for approving transactions.
This is considered the safest form of payment these days.
The credit card arrived in Brazil in 1960, being brought by the Czech businessman Hanus Tauber. This was the insertion of the Diners Club operation in the country.
In 1968, appears the first bank credit card in Brazil, of Bradesco Bank It is link flag. In the 2000s, the payment method became one of the most popular in the country.
However, using a credit card has its advantages and disadvantages. The misuse of credit cards is the cause of most of the debts of Brazilians.
According to the National Confederation of Store Managers (CNDL) and the Credit Protection Service (SPC Brasil), in 2019 alone, more than 60 million consumers ended the year in debt, approximately 30 million owe their credit card credit.
Read too: Understand how the credit card works
