introduction to the diner's club
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The Diner's Club was opened in 1950 by Frank McNamera. It was the first credit card company ever introduced, and the idea of a credit card became very popular soon after. The theory behind the usage of the credit card was that instead of individual companies offering credit to their own customers ,whom they would bill later, the Diners Club was going to offer credit to individuals for many companies, then bill the customers and pay the companies.
running the COMPANY
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McNamara's new credit company focused on salesmen. Since salesmen often need to dine at multiple restaurants to entertain their clients, the Diners Club needed both to convince a large number of restaurants to accept the new card and to get salesmen to subscribe. The first Diners Club credit cards were given out in 1950 to 200 people , most were friends and acquaintances of McNamara, and accepted by 14 restaurants in New York. The cards were not made of plastic; instead, the first Diners Club credit cards were made of a paper stock with the accepting locations printed on the back. The concept of the card grew and by the end of 1950, 20,000 people were using the Diners Club credit card.
the future of the credit card
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The Diners Club continued to grow and by the second year was making a profit $60,000, In 1952, he sold his shares in the company for more than $200,000 to his two partners.The Diners Club credit card continued to grow more popular and didn't receive competition until 1958. In that year, both American Express and the Bank Americard (later called VISA) arrived.The concept of a universal credit card had taken root and quickly spread across the world.