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The podcast explores the experimental introduction of credit cards by the Bank of America in Fresno, California in 1958. It discusses the historical context and significance of the Bank of America card in revolutionizing consumer credit. The chapter delves into the consequences of widespread credit card use, including fraud and theft. It also explores the challenges and changes in the early days of credit cards, leading to industry-wide reforms. Finally, it discusses the history and impact of credit cards, including the birth of Visa and MasterCard and the alarming credit card debt in the US.
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Quick takeaways
- The Fresno Drop in 1958 marked the beginning of credit cards as we know them today.
- Bank of America's credit card aimed to provide a single payment system that could be used anywhere, paving the way for the creation of Visa and MasterCard.
Deep dives
The Birth of Credit Cards
In September 1958, Bank of America conducted an experiment by sending out 60,000 mailings with credit cards to people in Fresno, California. This marked the birth of credit cards as we know them today.
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