Don’t Leave Rome Without It: Credit Cards Through the Ages
1750 BC.........................................
* The Babylonian Code of Hammurabi sets forth ethics for extending credit.
AD 27
* Jesus drives the money changers out of the temple.
1914............................................
* American retailers issue credit cards to wealthy customers. Gas companies follow with “courtesy cards.â€
1928............................................
* Department stores issue embossed-metal charge plates.
1949............................................
* Alfred Bloomingdale, Frank X. McNamara and Ralph Snyder form Diners Club at Major’s Cabin Grill restaurant in New York. Their concept--a single card honored by many establishments that are charged 7% of each transaction--becomes the blueprint for the industry.
1958............................................
* Carte Blanche, American Express cards launched.
* Elvis gets an American Express card.
1959............................................
* Clerk Joseph Miraglia, 19, goes on a $10,000 spending binge with a Carte Blanche card. “For a month . . . I was somebody,†he says when arrested.
1962. .....................................
* American Express card turns its first profit.
1966...........................................
* A group of Chicago banks mass mails 5 million unsolicited credit cards--recipients include teenagers, infants, several dogs and the deceased. The combined loss from theft, fraud and unpaid balances is estimated at $25 million.
* American Express introduces the gold card.
1967............................................
* Famous “one word†of advice given to Dustin Hoffman in “The Graduate†is misconstrued by baby boomers as “plastic,’ setting off a three-decades-long credit-card spree.
* Sen. William Proxmire warns Congress: “Unless we bring unsolicited credit cards under control, we are likely to produce a nation of credit drunks.â€
1973............................................
* Marquette Bank in Minneapolis becomes first bank to charge an annual fee for credit cards.
1976............................................
* BankAmericard, card-issuing association created by the Bank of America in 1958, changes its name to Visa.
1980............................................
* Mastercharge renamed MasterCard.
1982............................................
* France develops microprocessor-equipped “smart cards,†which can store passwords, credit limits--even medical histories. They finally catch on in mid-’90s.
1984............................................
* American Express introduces the platinum card.
1985.............................................
* After years of losses, credit cards generate huge profits as cost of money drops for banks while cardholders are charged 18% interest. By the early ‘90s, Citibank’s credit card subsidiary is earning nearly $1 billion a year.
1987.............................................
* Director Robert Townsend finances “Hollywood Shuffle†with $100,000 in cash advances on 15 credit cards.
1989............................................
* Rumors surface of an American Express “black†card, supposedly carried by Imelda Marcos and Adnan Khashoggi, with no spending limit and fantastic perks. Amex vigorously denies the card’s existence.
* The number of Visa, MasterCard, Discover and American Express cards in circulation exceeds the U.S. population.
1992............................................
* Barbara Smiley of Los Angeles complains about a $15 late fee on her Citibank Visa bill. She becomes lead plaintiff in a class-action suit challenging fees charged by banks that locate their credit-card operations in usury-friendly states like South Dakota and Delaware.
1993.............................................
* Eunice Gail Shores, who lived on $840 a month, dies at age 69 in Denver, $89,000 in debt on 37 credit cards.
1994............................................
* The Rolling Stones sponsor a Visa card.
1995.............................................
* After reportedly rebuffing a similar request for a cross-dressing character in “The Adventures of Priscilla, Queen of the Desert,†American Express provides 254 gold cards to Lizzy Gardiner, the film’s Oscar-nominated costume designer, which she transforms into a floor-length gown.
* Irvine police arrest William Everly, 31, on suspicion of fraudulently securing more than 30 credit cards by Dumpster-surfing for discarded applications.
* Elvis’ first American Express card fetches $63,000 at auction in Las Vegas.
1996............................................
* The Supreme Court upholds a California high court ruling in the Smiley class-action suit, allowing credit card companies to charge late fees of $20 or more even when state laws stipulate lower fees. Plus ca change . . .
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