| Credit cards that we use today have been
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| | Associations began and it was the time
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| all around for over half a century. The
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| | when Bank of America formed licensing
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| first credit card appeared in the year
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| | agreements with other banks. This made it
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| 1951 when some of the loan customers of
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| | possible for them to issue credit cards
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| the Franklin National Bank of New York
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| | on a widespread basis and also to settle
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| were screened for credit and those who
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| | transactions among the participating
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| were approved were given a card to make
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| | banks.
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| credit purchases. The merchants who
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| | In 1966, a group of 14 US banks formed
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| participated copied the customer
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| | interlink a new bankcard processing
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| information from the card to the sales
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| | association with the ability to exchange
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| slip and then the bank credited the
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| | information on credit card transactions.
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| merchant account for the loan.
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| | In the year 1967, four California banks
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| Later, in the year 1958, The American
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| | formed the western states Bankcard
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| Express Company began to issue a charge
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| | Association and also introduced the
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| card for travel and entertainment charges
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| | Master Charge program to compete with the
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| which was accepted at the restaurants,
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| | BankAmericard which was later renamed as
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| hotels and online merchants who
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| | Visa in the year 1976.
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| participated.
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| | Visa and MasterCard are organizations
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| People who had plastic charge cards
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| | both of which issue credit cards through
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| enjoyed the convenience as well as the
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| | member banks and also set and maintain
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| line of credit being offered by the new
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| | the rules for processing.
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| bank credit cards. Merchants found that
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| | With the passing time, as the bank card
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| credit card customers usually spend more
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| | industry grew, banks were interested in
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| than when it came to pay with cash. To
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| | issuing cards also became members of the
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| accept bank issued card was much safer
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| | Visa Card Association or the MasterCard
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| for the merchant dealing with cash and
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| | Association.
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| also less expensive as compared to
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| | Olivia Andrews, writing for Credit Card
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| creating and maintaining
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| | Debt Consolidation Guide is a freelance
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| merchant-specific credit program.
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| | journalist and has written many reviews
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| In the year 1959, Bank of America started
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| | on subjects such as finance, education,
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| to issue the BankAmericard within the
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| | health, entertainment, music, gifts,
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| state of California and was the first
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| | crafts, travel, apparels and mobile
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| universal credit card with wide spread
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| | phones.
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| merchant acceptance. In 1966, Bank Card
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