The invention of credit cards
Credit card invented, which did not have enough money to pay for lunch.
In 1949, Frank Maknamara / Frank X. McNamara, the head of Hamilton Credit Corporation, went to dinner with Alfred Blumingdeylom / Alfred Bloomingdale, McNamara friend and grandson of the founder of the famous store Bloomingdale's, and Ralph Snyder / Ralph Sneider, a lawyer McNamara. Sitting at a table in New York restaurant, they discussed one of the clients who came in a difficult financial situation. He owned several shops of TIR lending, in which he had opened a credit, when several of his friends asked him the money loaned. Money he gave them no, but allowed to use their credit record for a fee, which friends have promised to pay him apart from debt. As a result, credit for books has grown, and the debtors were insolvent. This unpleasant situation has forced the hapless owner of credit to take money in the Hamilton Credit Corporation, that is, from Frank McNamara.
After dinner, Frank reached over the purse to pay for food. However, there was not enough money, so he had to call his wife and ask her to urgently bring him cash. After this incident, McNamara vowed that such a situation it will never happen again. By combining the two themes of the commemorative dinner (the opportunity to lend its credit and a lack of cash to pay for food) to Frank hit upon a completely new idea - the idea of a credit record, which would be used more than one store, and many trade institutions. A particular novelty of this concept was to use the company-mediator between the seller and buyer.
Lending books or maps produced by certain store or gas station, were very popular in the early twentieth century. This helps companies ensure the loyalty of buyers - the debtor rather return to the store to buy something else. Credit cards are usually distributed to customers on the solvency of whom were known. To the long list of purchases needed a whole pile of credit cards, on a separate card for each trade. McNamara genius idea was that he intended to use only a single card for all outlets. In addition, the proliferation of cars and aeroplanov people started to travel and, of course, they want to buy things, not only in his native city.
McNamara discussed his idea with Blumingdeylom and Schneider, and in 1950 they opened three new company called Diners Club, which was supposed to be a mediator between customers and businesses. Now, not individual companies offer their own credit, and Diners Club offered to open a credit to customers for many businesses. And collecting money from debtors, holders of credit cards Diners Club, exercise does not have a company and McNamara, and So.
Until then, the company benefited from the use of credit cards that created a steady supply of customers to ensure a high level of regular sales. But Diners Club could not make money under the scheme. It was agreed that for every purchase, done through the card from Diners Club, the company will pay 7% of its value, while holders of cards - an annual fee of $ 3.
McNamara to focus on businessmen. They were the most frequent visitors to restaurants, and thus may have an interest in his services. This explains the name of the company, which can be translated into Russian as «Club Restaurant zavsegdataev». The first Diners Club cards were distributed to two hundred people, mostly friends of the owners. The maps were taken in 14-ty New York restaurants. They were printed on thick rectangle of paper with a list of all 14 restaurants on the reverse side.
In the early cases were not important. Owners of restaurants do not want to pay their 7% and feared competition with their own cards. Potential clients Diners Club did not want to buy cards Diners Club, because at first they were not offered a sufficiently large selection of places where cards are accepted for payment. Yet by the end of 1950, 20 thousand New Yorkers pay for restaurant dinners pieces of paper from Diners Club. The second year of its existence, the company has already received a profit of $ 60 thousand, that leaves no doubt in the financial success of the new venture. Diners Club has continued to grow in beskonkurentnom space until 1958, when the horizon of American businesses have credit cards American Express and Bank Americard (later renamed VISA). Both companies have opened a new era in the mass popularization of credit cards, making them not only the heritage of America, but all of the developed world.
In the 50's was another factor that led to a proliferation of credit cards - inflation. Experience has shown that during the period of inflation advantageous to have debts. The duty remains the same, and the value of what was purchased, raised, and if it is sold, can be won at the old price and margin cost, high in inflation. From an economic perspective, credit cards everywhere revive business, the temptation to American consumers of its availability. It was sensitive and cultural impact. Until the twentieth century, it was thought that to live in debt - cheap. Puritani and Quakers, which constitute a substantial and influential part of the U.S. population, felt a personal duty of a great sin. New Year's everywhere sought to meet "clean", that is free from debts.
Now the debt is not spoils the reputation. On the contrary. If Americans in debt, but he regularly makes relying payment, you have it most distinguished client. He wanted to sell because a customer can trust. While this sometimes leads to tragicomic effect: if a person owns a decent capital, but nothing ever bought in installments, some organizations may refuse to open his credit. The logic here is that the account holder can be unpredictable in his behavior, to spend all their savings and did not pay the loan.
Financier recruit future debtors
At this point in the U.S. accounted for 4-6 credit cards per household. Given that the threshold of the loan can range from $ 2 to $ 10 thousand, the mere fact obzavedeniya six cards mean an instant increase in family income at $ 8-60 thousand dollars. Many did not withstand the temptation, widely spend the money and, eventually, razoryayutsya.
The mechanism of relationships between companies, credit card, and customers changed from decade to decade. Now you can sign up for credit card company which does not charge customers with no annual gathering, or the levy on each transaction. This led to further ease possession PVC money.
Credit cards are advertised aggressively. Ready to eat, they are sent by mail with a special stamp "pre-approved". This means that the person whose name is on the card, no need to be tested on ability to pay. To activate a card, usually just a phone call. The American group to protect the rights of consumers are struggling with this practice, because companies do not send cards only to people who can control their costs, but the most inveterate debtors.
Especially hot matter of public censure advertising credit cards in the campuses. In the American press from time to time there are stories of young people, contract debts and not able to cope with them other than suicide. A gift in the form of beautiful shirts, CD-ROM, etc. only for the subscription to own a credit card - including practice development of a network of young customers.
But despite the many dangers associated with owning a credit card, they have not filed any hint of their imminent extinction. Recognized the convenience of their use until that Beats the arguments against their use, as cyclical and in time mode of payment of its debts and to teach many financial discipline. Today's American reality - that the prosperity of credit cards with a distinct trend of more and more crowding out "live" money.
In 2001, according to a study conducted by AVA \ Dove Consulting, pay only 33% of all purchases by the U.S., were using cash (39% in 1999). Using credit cards was committed 21% of all transactions of sale (22% in 1999), using the checks - 18% (the same three years ago). 15% of purchases made using debit cards (11% in 1999).
Credit cards are developing strekozinuyu ideology
Most Americans live in debt. Over the last four decades, the debts have become an integral part of the American way of life. According to the Federal Reserve / Federal Reserve, in 2001 the population of the U.S. finished with a $ 1 billion 676.5 million of debt. By May 2002, that figure had risen to $ 1 billion 676.5 million, and in July - $ 1 billion 693.2 million These figures include not only loans for homes, cars, buying shares and the like, but debts accumulated by Credit cards Native American.
Has long been argued that credit cards are used primarily as a deputy of cash, absolving people from the onerous action related to the possession of money in the wallet. For example, the seller and the buyer does not need to re-letting and worry about the theft of money from the wallet or cash. However, as shown by numerous studies, convenience - not the only reason why millions of Americans almost forgotten, as are "live" money. Summarizing the results of these studies, credit cards act as a kind of anesthesia with a purchase.
When a person brought before the physical transfer of money to someone to another, the brain sends the alarms - whether he wants to buy this thing? Can it afford? Vynimaya of the purse money denominations, people are physically going through the act of redistribution of property, after which his money exchanged for goods or services. Psychology purchases dramatically changed when it comes to credit card. This is only a piece of plastic, and all that is required to purchase, the buyer's signature on the purchase receipt. Credit cards are also money. But electronic money, which people did not see.
The brain does not signal the danger and is committed to buying more psychological easily than was the case with "live" money.
Among American buyers of these cards have already received nickname money for shopping centers \ mall money. When the trade center with a firm intention to buy only new shoes, they leave not only with new shoes, but with a new bag, CD-ROM, rackets for tennis, etc. Obayaniyu yielding new things and advertising, people behave like a dragonfly from the Krylov fable that summer sang and danced, not thinking that once winter comes.
But Winter did come, and many Americans are unable to pay the bill, sent the company, which opened its credit. At such a bill exhibited the date and the cost of all purchases by the holder of a credit card for a certain period of time, usually a month. Pay accumulated debt must be within a certain period of time. Failure to do so will have to pay a fine, usually amounting to about $ 30, for the delay. If the debt is not repaid with a penalty, the credit company begins to accrue on the amount of debt, from 9 to 19%.
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