What was the name of the first credit card company, founded in 1950?

Diners Club was the first credit card company, founded in 1950. Established in New York by Frank McNamara and Ralph Schneider, it created an independent card-payment business for restaurant and travel spending.

The idea emerged after McNamara reportedly forgot his wallet while dining in 1949. The famous story says he returned the following year and paid with a cardboard charge card, using a signature rather than cash. Diners Club launched with roughly 27 participating restaurants and about 200 initial cardholders, then billed members monthly and charged merchants a fee.

A useful distinction is that Diners Club originally issued a charge card, not a modern revolving-credit card. Cardholders generally paid their balance in full each month. Even so, it is widely recognized as the first independent payment-card company and the pioneer of the modern credit-card industry. Bank-issued revolving cards such as BankAmericard, later Visa, arrived afterward.