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Credit cards |
| Diner's
Club was the first to issue charge cards which could be
used at several locations in the United States in 1950.
But it was in 1951 that the Franklin National Bank in New
York issued the first modern credit card to customers.
The new card had an extended repayment period and charged
interest on outstanding balances. We live in the era of plastic money, where expenditure is limited by the credit limit on your card, not how much money you have in the bank--or in your pocket. With credit cards, people buy things they may not afford. It might have resulted in a generation of debtors, but it has also opened up a whole world of convenience. With credit cards, travellers have a new convenience--you don't need to change lots of foreign currency and worry about being robbed blind. Used wisely, it may actually save you money-if you pay your bills on time. |
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