The Details Of Frank Mcnamara, By Bob Jain
| 10:57:00 |
Credit cards are among the various luxuries that we take for granted. As a matter of fact, it's hard to believe that there was a time when purchases and transactions couldn't be charged. For those who would like to know when these cards came into being, you'd have to go all the way back to the mid-1900s. Specifically, you would have to learn about a man named Frank McNamara, which is a history lesson that the likes of Bob Jain can assist.
While the following story about Frank McNamara has since been debunked, it's an interesting tale all the same. For those who do not know, back in 1949, McNamara was in Manhattan, enjoying dinner with someone he worked with. Once the meal was done and the check arrived, he came to the realization that he didn't have money to cover said bill. McNamara's wife soon arrived at the restaurant with the money, but it's been said that this created the idea of credit. As stated earlier, though, this admittedly interesting tale has been proven untrue.
The real story is as follows: McNamara, who was an executive at the Hamilton Credit Corporation, started to see that his business was slipping. He knew that money had to be had, so he suggested the idea of a credit card to his friends. According to financial authorities like Bobby Jain CS, this card would be used in order to cover meals, before being paid for later. This would be an effective option for those who forgot to carry cash. Shortly thereafter, McNamara formed the first American credit card company named the Diner's Club.
The Diner's Club was so revolutionary for its time that the premise started with 27 participating restaurants. If you were a member of the Diner's Club, you would be able to sign for bills at restaurants, with the promise that they would be paid back in the future. Not only was this useful for those who forgot their money, as was the case with the false story covered earlier, but others that worked on tight budgets in general. The Diner's Club charges issued fees to help the company make a profit, which aren't much different from modern credit card fees that Bobby Jain Credit can observe.
While the Diner's Club and Frank McNamara's involvement are both great pieces of history, it also paved a path for other companies to follow. As a matter of fact, years after the Diner's Club formed, the likes of American Express threw their hats into the proverbial ring. These companies clearly saw the appeal of credit as a payment option, and wanted to offer their own services. Perhaps they wouldn't have risen to the surface without McNamara starting things off.
While the following story about Frank McNamara has since been debunked, it's an interesting tale all the same. For those who do not know, back in 1949, McNamara was in Manhattan, enjoying dinner with someone he worked with. Once the meal was done and the check arrived, he came to the realization that he didn't have money to cover said bill. McNamara's wife soon arrived at the restaurant with the money, but it's been said that this created the idea of credit. As stated earlier, though, this admittedly interesting tale has been proven untrue.
The real story is as follows: McNamara, who was an executive at the Hamilton Credit Corporation, started to see that his business was slipping. He knew that money had to be had, so he suggested the idea of a credit card to his friends. According to financial authorities like Bobby Jain CS, this card would be used in order to cover meals, before being paid for later. This would be an effective option for those who forgot to carry cash. Shortly thereafter, McNamara formed the first American credit card company named the Diner's Club.
The Diner's Club was so revolutionary for its time that the premise started with 27 participating restaurants. If you were a member of the Diner's Club, you would be able to sign for bills at restaurants, with the promise that they would be paid back in the future. Not only was this useful for those who forgot their money, as was the case with the false story covered earlier, but others that worked on tight budgets in general. The Diner's Club charges issued fees to help the company make a profit, which aren't much different from modern credit card fees that Bobby Jain Credit can observe.
While the Diner's Club and Frank McNamara's involvement are both great pieces of history, it also paved a path for other companies to follow. As a matter of fact, years after the Diner's Club formed, the likes of American Express threw their hats into the proverbial ring. These companies clearly saw the appeal of credit as a payment option, and wanted to offer their own services. Perhaps they wouldn't have risen to the surface without McNamara starting things off.
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