-Know What You're Buying

23th-April, 2008

Did you know that the vision for the first credit card was ignited when Frank X McNamara who was out eating with 2 colleagues discovered, after receiving his bill that he had left his wallet at home. He had to call his wife and ask her to bring some money [cash] to him so that he could pay his bill.

That event lead to the creation of the first credit card, which was called 'Diners Club'. At the time, the card was only developed for use at a few stores in New York, in the early 1950's. They started small, they only handed out 200 cards made of heavy card stock, that was initially accepted at only 14 restaurants in New York. By the end of that year, this concept had grown and the number of cardholders had increased from 200 to 20,000 users.

Since then, things have really changed dramatically. All of the major credit cards can be used internationally, at a variety of businesses. We are no longer limited to just restaurants that are in Manhattan. Back then the Diners Club card was a charge card that had to be paid off monthly, today our payments can be staggered over many months.

These days if you are thinking about getting a credit card, there are a few thing that you should consider...what is the APR [annual percentage rate]; can I transfer a balance from another credit card provider and and if so, what are the fees; and also what are the annual charges.

In the 1950's there was only one credit card, today everyone has their brand name on a card. So, I would do a little comparison shopping to find out which company has the best product with the best list of extras. For example, some companies in order to get your business will offer interest free credit cards for varying periods of time. But you don't have to spend hours on the internet searching for the right product...at 'ApplyForBestCredit', every imaginable credit card and the features are listed in just one place

Back then you had to apply for a credit card via snail mail. Boy, have things changed dramatically in less than 50 years, because now you can do that comparison shopping online, from one site and also submit your application , all right from your comfortable armchair. In some cases, you can get your approval within minutes and have your card mailed to you within a couple of weeks.

But all this technology does come with some drawbacks, and that is...the potential for credit card fraud. At 'ApplyForBestCredit' they have a section dedicated to some of the methods employed by predators,this insight will help you to avoid some of the traps that exist. However, if you have any questions about anything on the site there is a Help Section with Specialist that will assist you.

All of this, because Frank forgot his wallet...