Credit Cards - A History and Definitions

A credit card is a card for payment of goods and services. They can be used worldwide, both in the real everyday business and private life as well as in online money transactions. It is in the case of Mastercard or Visa by banks in cooperation with the credit card organizations spent, or - in the case of Diners Club and American Express - directly from the card company. These four companies share the total European credit card market. The name of credit cards originated from the fact that the credit card is often a loan.

Mention the term credit card the first time in 1887 in the science-fiction novel Looking Backward by Edward Bellamy.

According to legend, was the credit card in today's sense 1950 by the American Frank McNamara invented at lunch when he noticed that he had forgotten his wallet. As a safety he should have left his business card. Inspired by this incident, he then the credit card company Diners Club founded. While McNamara is actually the founder of the first credit card company, this founding legend, however, was by his press agent Matty Simmons invented.

With the credit card concept in the German-speaking countries, both real credit cards and charge cards, Daily charge cards, check cards or debit cards and prepaid cards called (with the respective terms, see below). In general, only those debit and prepaid cards as credit cards as the sign of acceptance of the credit card organization, and therefore be accepted anywhere else, where with real credit cards and charge cards can be paid. However, the term in other parts of the world in different ways are used, they are in English-speaking countries only traditional credit cards as a credit card described. Other cards such as debit or charge cards, regardless of whether they sign the acceptance of a credit card organization generally have as independent forms of payment card-views.
For a true or classic credit card, the cardholder receives a monthly statement of all purchases of goods and services (value added tax invoices in the legal sense of the cardholder only by the respective merchant / service provider). This can be paid immediately or in installments abgezahlt be. The latter possibility, the so-called revolving credit, has so far primarily by credit institutions in the Anglo-American dominated room, but currently enjoys, especially in Germany growing popularity.
When a batch card, the cardholder receives a monthly invoice, which immediately or within a period of up to 30 days is due. The customer receives for the period between the payment of a product and the maturity of the account an interest-free loan with very short maturities.

With a debit card after paying an immediate strain on the card (usually on the current account of the cardholder). In Germany, the most common debit card Maestro card (MasterCard issued). Another example is the German-speaking countries are less widely VISA Electron card (visa issued). These cards may lack embossing (see Technical / Map) will not be exceeded, characters have their own acceptance and therefore its own network of acceptance points. For this reason, they are generally not viewed as a credit card. There are also MasterCard and Visa debit cards (especially in the USA) which are viewed as credit cards because they are the credit card Aktzeptanzzeichen these organizations possess. In some countries, like Germany, these cards are not real cards or charge cards to be distinguished in other countries, for example in the U.S. and Britain are such cards generally opposed by the additional imprinted debit marked. In both cases, they are almost always with a high-character, and therefore überziehbar.
A daily charge card is a combination of a batch and a debit card. Settlement takes place on a technical card account in the balance can be. Additionally, a monthly credit limit permitted disclosures. While the bank has, the revenue account to the card charged immediately. When depleted assets of the credit may also be used within. According to the monthly payroll, all set immediately by the reference of the cardholder account (usually a current account) by direct debit. Thus, no interest, as in the batch Revolving credit cards, be adopted.
With a prepaid credit card payments must be made before an amount on the card will be paid, so these cards do not grant credit. They are still on the cards counted, since it is generally accepted everywhere, even where other types of credit cards can be paid. Among the few exceptions, such as car rental companies, the prepaid credit cards are not accepted. In German-speaking world, these cards are usually not equipped with a high lettering provide. In some other Western European countries, however, there is also pre-paid credit cards with embossing. The embossed cards in these technically possible over-pulling on the card account is in addition to the immediate loss of the card usually relatively high penalties to follow.
It is important to note that the concept of an international credit card is not used uniformly. It is for example customary in English-speaking countries, just a real credit cards and (partially) pre-paid credit cards as a credit card to call the latter only because of their name on credit cards and are expected to this view by no means uncontroversial. Other cards such as debit cards or charge cards are on the other hand, generally as a separate payment types viewed, regardless of whether they are a credit card Aktzeptanzzeichen possess.

The most common Kreditkartenart in Germany is a Visa - AMEX - or MasterCard charge card. The credit card business is like the debit card business from the issuing of card issuing and the acquiring of Akzeptantenabrechnung.

Mention the term credit card the first time in 1887 in the science-fiction novel Looking Backward by Edward Bellamy.

According to legend, was the credit card in today's sense 1950 by the American Frank McNamara invented at lunch when he noticed that he had forgotten his wallet. As a safety he should have left his business card. Inspired by this incident, he then the credit card company Diners Club founded. While McNamara is actually the founder of the first credit card company, this founding legend, however, was by his press agent Matty Simmons invented.

With the credit card concept in the German-speaking countries, both real credit cards and charge cards, Daily charge cards, check cards or debit cards and prepaid cards called (with the respective terms, see below). In general, only those debit and prepaid cards as credit cards as the sign of acceptance of the credit card organization, and therefore be accepted anywhere else, where with real credit cards and charge cards can be paid. However, the term in other parts of the world in different ways are used, they are in English-speaking countries only traditional credit cards as a credit card described. Other cards such as debit or charge cards, regardless of whether they sign the acceptance of a credit card organization generally have as independent forms of payment card-views.

For a true or classic credit card, the cardholder receives a monthly statement of all purchases of goods and services (value added tax invoices in the legal sense of the cardholder only by the respective merchant / service provider). This can be paid immediately or in installments abgezahlt be. The latter possibility, the so-called revolving credit, has so far primarily by credit institutions in the Anglo-American dominated room, but currently enjoys, especially in Germany growing popularity.

When a batch card, the cardholder receives a monthly invoice, which immediately or within a period of up to 30 days is due. The customer receives for the period between the payment of a product and the maturity of the account an interest-free loan with very short maturities.

With a debit card after paying an immediate strain on the card (usually on the current account of the cardholder). In Germany, the most common debit card Maestro card (MasterCardissued). Another example is the German-speaking countries are less widely VISA Electron card (visa issued). These cards may lack embossing (see Technical / Map) will not be exceeded, characters have their own acceptance and therefore its own network of acceptance points. For this reason, they are generally not viewed as a credit card. There are also MasterCard and Visa debit cards (especially in the USA) which are viewed as credit cards because they are the credit card Aktzeptanzzeichen these organizations possess. In some countries, like Germany, these cards are not real cards or charge cards to be distinguished in other countries, for example in the U.S. and Britain are such cards generally opposed by the additional imprinted debit marked. In both cases, they are almost always with a high-character, and therefore überziehbar.

A daily charge card is a combination of a batch and a debit card. Settlement takes place on a technical card account in the balance can be. Additionally, a monthly credit limit permitted disclosures. While the bank has, the revenue account to the card charged immediately. When depleted assets of the credit may also be used within. According to the monthly payroll, all set immediately by the reference of the cardholder account (usually a current account) by direct debit. Thus, no interest, as in the batch Revolving credit cards, be adopted.

With a prepaid credit card payments must be made before an amount on the card will be paid, so these cards do not grant credit. They are still on the cards counted, since it is generally accepted everywhere, even where other types of credit cards can be paid. Among the few exceptions, such as car rental companies, the prepaid credit cards are not accepted. In German-speaking world, these cards are usually not equipped with a high lettering provide. In some other Western European countries, however, there is also pre-paid credit cards with embossing.The embossed cards in these technically possible over-pulling on the card account is in addition to the immediate loss of the card usually relatively high penalties to follow.

It is important to note that the concept of an international credit card is not used uniformly. It is for example customary in English-speaking countries, just a real credit cards and (partially) pre-paid credit cards as a credit card to call the latter only because of their name on credit cards and are expected to this view by no means uncontroversial. Other cards such as debit cards or charge cards are on the other hand, generally as a separate payment types viewed, regardless of whether they are a credit card Aktzeptanzzeichen possess.