When was the 1st credit card issued?
Rachel Davis
Updated on February 07, 2026
1950
The first universal credit card, which could be used at a variety of establishments, was introduced by the Diners’ Club, Inc., in 1950. Another major card of this type, known as a travel and entertainment card, was established by the American Express Company in 1958.
How did BankAmericard become Visa?
By 1970, BofA gave up direct control of the BankAmericard program, forming a consortium with the other various BankAmericard issuer banks to take over its management. It was then renamed Visa in 1976.
What year did Visa and Mastercard come out?
In 1976, National BankAmericard, Inc. became Visa. In 1979, Mastercard was formed. Before it was called Mastercard, the company was formed as The Interbank Card Association in 1967.
When was the BankAmericard credit card program created?
It was established in 1958 by Bank of America (BofA) as the BankAmericard credit card program. In response to competitor Master Charge (now MasterCard ), BofA began to license the BankAmericard program to other financial institutions in 1966.
What was the first credit card to be issued?
In 1958, Bank of America launched BankAmericard. This paper card could be considered the first modern credit card. The BankAmericard came with a $300 limit and was the first credit card to offer revolving credit, which gave people the ability to carry a balance.
When did Bank of America give up control of BankAmericard?
In June 1970, Bank of America gave up control of the BankAmericard program. The various BankAmericard issuer banks took control of the program, creating National BankAmericard Inc. (NBI), an independent Delaware corporation which would be in charge of managing, promoting and developing the BankAmericard system within the United States.
When did BankAmericard change its name to visa?
As a result, NBI changed the BankAmericard name to Visa U.S.A. in 1976, while IBANCO would become Visa International. Dee Hock came up with the name Visa, which he considered instantly recognizable in many cultures and languages and suggesting of universal acceptance. Today, Visa stands for the Visa International Service Association.
