The first major credit card network launched by Bank of America in 1958 was BankAmericard.
Bank of America introduced the program in Fresno, California, on September 18, 1958. Its key innovation was general-purpose revolving credit: cardholders could use one card at participating merchants and carry an unpaid balance from month to month, rather than settling the entire bill immediately.
The launch became known as the “Fresno Drop” because the bank mailed roughly 60,000 unsolicited cards to local residents. The experiment encountered fraud, overdue accounts, and operational problems, but the underlying model proved commercially viable and expanded across California and beyond.
Diners Club came earlier, in 1950, but it was primarily a charge-card system requiring payment in full. American Express also launched a card in 1958. BankAmericard’s distinctive legacy was its open, licensed bank network and revolving credit model; it was renamed Visa in 1976–77 and became the foundation of today’s Visa system.