Which company introduced the first credit card in 1950?

Which company introduced the first credit card in 1950? Diners Club introduced it. Founded in New York in 1950, Diners Club created the first widely successful general-purpose payment card, initially allowing members to pay at participating restaurants and settle their account later.

The company grew from an idea associated with Frank McNamara, Ralph Schneider, Matty Simmons, and Alfred S. Bloomingdale. Its famous origin story says McNamara realized during a restaurant meal that he had forgotten his wallet and imagined a card that could replace cash. Historians and participants have disputed details of that dinner, but the broader innovation is well established. Diners Club was formally founded on February 8, 1950, and its first card was made of cardboard rather than plastic.

“Credit card” is sometimes used loosely here. The original Diners Club product was technically a charge card: customers generally paid the balance in full each month, rather than carrying revolving debt. Bank-issued revolving cards came later, including BankAmericard, which became Visa, and Interbank’s Master Charge, which became Mastercard. American Express entered the field in 1958.