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Revolutionizing Banking: The Birth of Credit Cards
This chapter recounts the transformative introduction of credit cards by Bank of America in 1958, showcasing the unprecedented move to mail unsolicited cards to thousands of customers in Fresno, California. It examines the subsequent societal confusion, the regulatory challenges consumer banks faced against larger corporate banks, and the innovative solutions that emerged to streamline financial transactions. Furthermore, it highlights the evolution of credit systems and the early networking of retailers that laid the groundwork for modern banking practices.
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