MGMT 1030 Lecture Notes - Lecture 4: Mastercard, Mcfadden Act, Oligopoly

• School: York University
• Department: Management
• Course: MGMT 1030
• Professor: Andrew Thomson

Document Summary

The everything card and consumer credit in the united states in the 1960s. First national city bank (fncb) launched the everything card credit card in the summer of 1967. Post-wwii america is when citizens first identified themselves as consumers. Banks took this as a new financial opportunity. The history of credit cards can be traced back to the 50"s, but the most well- documented history on them takes place after 1970. The everything card was the first credit card to provide credit for most goods and services. Commercial banks first set up credit card plans with the intention to sell credit . There were many challenges at first that prevented credit cards from gaining national acceptance. The bank of america released the bankamericard in 1958, marketed as a symbol of a cash-free lifestyle. From 1966 to 1967, 1,400 banks were offering revolving credit plans.