The Diners Club Card in 1950 was the first credit card. The Franklin National Bank situated in Long Island, New York, issued the first bank credit card in 1951.
- The profitability of credit cards did not last long before others saw it and by 1953, and 60 credit card programs were in the United States.
- It recorded the ability to pay back debts and proved responsible for their repayment.
Following are the key purchases from American credit history:
- Credit history is a record of your debt repayment abilities and of your responsibility for repaying it.
- Includes the number and types of credit accounts you have credited, the duration of your account's opening, the amount owing, the quantity of available credit, whether you pay bills on time, and the number of recent credit requests.
- You will earn rewards for strong credit history, like cheaper rates on mortgage loans and automotive insurance.
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