How the Process of Getting a Credit Card is Changing With The Times

How the Process of Getting a Credit Card is Changing With The Times

From credit coins and charge plates to cardboards, credit cards do have a rich history.

It all began in the 1800s when merchants use credit coins and charge plates as a way to extend credit to local farmers until they collected their profit from their harvest.

It was then in 1958 when American Express launched its first credit card made of cardboard and a year after the plastic credit card came to life.

As you can see, the evolution of credit cards is fascinating! But what about the process of getting one?

Here’s the thing… in the old days, getting a credit card or approval for credit card payment involves a laborious process.

What’s the evolution of credit cards throughout the years?

In modern times, it only takes a second to use a card to pay for a purchase. However, before electronic credit cards were invented, transactions were handled using paper receipts and manual card imprinter. That was very slow and not so secure!

Here’s a timeline showing the evolution of credit cards and how the process of getting one has changed through time:

  • Early 1900s to 1940s. Credit cards were made of paper, cardboard, and metals. It is used by oil companies and retail stores to issue credit.
  • 1950s. Plastic travel cards and entertainment cards were issued by American Express. Cardholders are required to pay off the balance each month to continue using the card.
  • 1973. Electronic credit card processing was invented. It enables merchants to look through the users’ bank information to ensure they have enough credit for the purchase.
  • 1986. Discover® card was launched with a TV commercial during the Super Bowl XX. It offers the very first cash reward programs without an annual fee.
  • Today. Credit cardholders can use their cards all over the world and across the country. Cardholders have the flexibility to pay off their balance each month or make monthly payments that are in line with their budget.

With this brief timeline, we can gather that applying for a credit card is getting easier for everyone. You can easily get one in a few minutes without the hassle of carrying something bulky. Credit cards nowadays are handy and weightless!

How to get a credit card?

Here’s how to get a credit card:

  • Shop around to find the best offer on credit cards. Compare different credit cards to see which one has the best offer. Also, it’s worth checking out your emails to see if there are interesting credit card offers. For example, you should respond to capital one mail offer because they always have the best offers.
  • Know the terms and conditions. Of course, before getting too serious, make sure to read the terms and conditions of the credit card company. Understand every item before filling out forms and submitting the application.

Final Words

The process of getting a credit card is becoming easier nowadays. You can apply for one; get approval in as little as 60 seconds, and voila, you can expect to get the card in two weeks.

Also, the evolution of credit had changed through time which makes it a lot easier for people to get one and for merchants to transact with their clients.

It’s convenient to have a credit card as you can use it when you go shopping, dining out, pay for movies, and many other things.

However, it also comes with risks and the commitment to paying it monthly. So, make sure to only apply for a credit card if you really need it.

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