Introduction

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.



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