Re:The First Credit Card Ever (2016)
by _JC_Denton on Monday December 23, 2019 @02:46PM
(#21866647)
Status definitely played a part. Because the methods for determining creditworthiness were less sophisticated at the time, the bar to clear was high, and being approved for the card signaled status, wealth, and trustworthiness.
In addition to some of the card’s unique features mentioned by other posters, being able flaunt a status symbol to friends, customers, and business associates played no small part in the success of the card.
Electronic Value Exchange (https://www.springer.com/gp/book/9781849961387) is a great book on the history of card payments. Well researched and very thorough. I’m told its commonly recommended internally at Stripe.
In addition to some of the card’s unique features mentioned by other posters, being able flaunt a status symbol to friends, customers, and business associates played no small part in the success of the card.
Electronic Value Exchange (https://www.springer.com/gp/book/9781849961387) is a great book on the history of card payments. Well researched and very thorough. I’m told its commonly recommended internally at Stripe.