In 1950, the first credit card that could be used at more than one, specific merchant emerged on the market. The Diners Card, started by Frank McNamara, was an invention that got its start when Frank was having a business meeting over dinner, and realized he had forgotten his wallet at home. Of course, the man was extremely embarrassed, and had to call his wife and ask her to bring him his wallet so he could pay for the bill. Then the light bulb over his head turned on, and he thought it would be incredible to have a way to purchase things wherever people shopped, and pay for them later. The Diners Card started with 200 card holders, and within a few years- banks and private companies began offering credit cards.
Eventually there were so many credit cards to choose from that the credit lenders had to come up with new ways to stand out from the competition and entice people to select their card over another. Credit card reward programs were born sometime around 1986. Discover card began offering cash back based on the amount of money you spent on your credit card, and the first frequent flier miles for credit card users was with Continental Airlines. The frequent flier...
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