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The credit card - 50 years on
Calcutta News.Net
Wednesday 1st October, 2008
The credit card is half a century old.
Fifty years ago, American Express introduced its famous credit card, initially made of paper and carrying an annual fee of $6.
Although Diner's Card launched first in 1950, Amex was the first multi-purpose card.
In its first year alone Amex signed up 500,000 customers worldwide, including Elvis Presley and US president Dwight D. Eisenhower.
With credit still being dished out to regular consumers, groceries, petrol and utility charges are highest on the list of credit card purchases today .
Clothing, holidays and electronics also top the credit hit list, and people have even bought houses on their credit cards.
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