History of Credit Cards

How has the use of credit changed over the past century?

In a 1908 advertisement appearing in the New York Times, Macy’s department store advertised its first credit cards to potential clients by setting up a credit account at its stores, where customers could deposit money, earn 4% interest on their deposits, and use the money to buy whatever they wanted. Customers never had to pay interest on anything; and when they wanted their money back, they could withdraw it at any time, plus their interest earned.


This is a web preview of the "The Handy Personal Finance Answer Book" app. Many features only work on your mobile device. If you like what you see, we hope you will consider buying. Get the App