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Credit Cards
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Courtesy of Grolier Educational
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Developed in the 1920’s, credit cards were first used by oil companies to allow their customers to buy gasoline on credit and pay off the bill later. This idea was again implemented by Ralph Shneider, who issued a card that allowed members to eat at 27 New York restaurants. However Shneider pictured credit cards take another shape, he pictured one universal card that would be valid everywhere. In 1958, the first bank card, the Bankamericard of the Bank of America, was introduced. inventions such as computers and a magnetic strip containing information such as a pin number allowed credit cards to be an efficient as well as a comfortable type of payment.
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