Full form of CC : The credit card is a plastic card that can be used to make purchases. The credit card is available to individuals, businesses and banks. A credit card is used when the person wants to purchase something that they cannot afford on their own.
The first credit card was created in 1849 by Charles Revson of New York. The idea behind the invention was to help people with poor credit get access to cash without having to ask for loans from friends or family members. The cards were initially sold only by mail order, but in 1949 several companies began issuing them through stores as well.
In 1983, Visa and MasterCard merged their operations into one company called Visa International Service Association (VISA). In 1985, VISA introduced Visa cards with magnetic stripes on them so that they could be used for more than just cash advances at the point of sale terminal (POS). This allowed people who had other types of accounts at banks or financial institutions to use their cards anywhere an electronic terminal exists; this was particularly useful when they were traveling abroad where there might not be an ATM available.In 1990, Bank America launched a similar program called BankAmericard; this allowed customers who had been issued BankAmericard debit cards to use it in various places.
Credit cards can be used to make purchases online, over the phone and in stores. They can also be used at ATMs, gas stations, restaurants, hotels and more. These cards are issued by banks but unlike debit cards they don’t require one to have an account with them.The first credit card was created in 1950 by Bank of America. In 1955 Citibank introduced the first networked bank credit card system which allowed customers to use their personal identification number (PIN) or signature on each transaction instead of having to sign their name or visit a branch office each time they wanted to make a purchase using their card.
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