Before the Debit Cards/ Visa/Master Card many of us had many credit cards that are no longer needed or used today.
I'm younger than both Ken and Beth (individually and in the aggregate), and I had this: I managed a 24 hour Hess gas station during the gas crisis in '74 or so, and we had yet to take credit cards. We were all cash...exact change on the graveyard shift. I guess you had Diner's Club back then, huh Lon?
I had no need for credit cards in the 60s,a nd when I did need them in the early 70s, I applied for both Visa and Mastercard. Visa accepted me and Mastercard turned me down. I have not had a Mastercard since and never will.
Well, I was younger in 1965 than Beth was in 1969, but be that as it may, I was a cash-only type of gal. Pulling a couple of Washingtons out of my bra at the high school burger bar was a power move that plastic has never replaced.
I couldn't get approved for a Discover card in the 70's. Applied a year later and got one. If one draws too many red lines it becomes a full time job just to keep track of them.
Before going into the military I worked at the largest and one of the more expensive restaurants (Arnaud’s) in the French Quarter of New Orleans and with the exception of those who set up an account, it was cash only. Now, if one considers that in the late 60’s I had a military I.D. which got me a free paid vacation to southeast Asia, yeah, I had a credit card and everything was charged to the taxpayer. My goodness, with that card I got clothing, food and medical. I even had a cash back reward. I got a whole $63.81 in my first month! Woo-Hoo!
What a coincidence. I, too, was younger in 1965 than I was in 1969. Small world, huh? Regarding pulling those Washingtons out of your bra...I've never heard that expression before. Whadda ya call them...George & Martha? And did you find any money?
I found that I had accumulated a collection because getting the store-branded VISAs & MasterCards (Sears, Macys, etc) gives you in-store perks. I waited until I bought a car a couple of years ago to reduce my collection so I only have a couple left to manage. For some reason, reducing the amount of available credit you have (and debt you can incur) lowers your credit score for a while, and I wanted my score intact when I applied for that car loan. And I can't foresee a need to use all that available (and expensive) credit...talk about a hole you'd never get out of. This whole industry is quite the racket (although participation is voluntary.) When Prime interest rates are double-digits, credit cards charge 21%. When the Prime rate goes down to 2%, credit cards still charge at least 18%. I guess that the spread allows them to eject any standards when it comes to who qualifies for a credit card. But I've always been astonished that Usury Laws are never applied.
I never knew if I could qualify for a credit card, so, up until I married, I never had one. My salary seemed to low to have one. Everything I bought was paid in cash, until 2003. After we bought our house in Colorado, credit cards were literally sent to us and didn't have to apply for any of them. Unfortunately, we got to carried away with using some of the cards, we had to get a Credit Card Reduction Company to help pay some of them off. The ones we got paid off, by monthly payments, were closed. But, them "closing" on us, sure didn't seem to hurt our credit. We still have a number of credit cards, including gas and Amazon. Most things I buy online, pay with two credit cards, one being Amazon. If we pay any bills online, like vehicle insurance, we pay thru banking acct.. Since this Pandemic thing, mail isn't necessarily as reliable as it used to be. If we make plans to go on a trip, all reservations are held with one of our credit cards..........hotel, car rental, whatever.
Usury laws may still apply in some states. You will notice that most credit cards are based either in North Dakota or Delaware. That is because those states have no limit on what a provider can charge. Arkansas used to have a limit of 8%. That is why having a credit card from an Arkansas bank was truly an honor at one time. I don't know if that still holds.
Prestige card because it was the first and only credit card for a short period and if you remember correctly, they were famous for their traveler’s checks way before they started their credit system. Carte Blanche soon followed suit with the plastic and was issued by the Hiltons and in some circles, if you didn’t have it the chances of joining a high end country club was minimal.. Just a note: Many companies will not even accept American Express any longer. The last I heard they charge the merchant 7% when the customer uses it for a purchase.