The World s First Idea For A Credit Card - 1420 Words

In the year 1949, a businessman by the name of Frank McNamara, conceived the world’s first idea for a credit card. The idea was intended for when McNamara went out for an important diner. While he was out, he realized he had left his wallet at home and was unable to pay for the dinner so he needed something that could allow him to come back and pay for the balance later. Overtime McNamara’s credit card idea has evolved into an electronic way of making payments, we now use credit cards to purchase groceries at the local market and make payments online since handing cash through the Internet is virtually impossible. This small dinner idea was created for the purpose of basically generating and IOU for a man who forgot his money at home has†¦show more content†¦A centralized financial system is when a government assigns all economic responsibility to a specific entity within its branches of government. Some say the Federal Reserve is the most powerful entity withi n the United States government. Leaders within our government have the ability to manipulate the Dollar’s value in order to try and control the economy’s flow of goods and services. If the economy is seeing a spike in prices at the grocery store that means there is inflation and the Federal Reserve can withhold dollars from entering the system – creating a lower amount of available dollars to spend, ultimately increasing the value of the dollar and lowering the prices at the grocery store back down to normal. The value of the American dollar can be a very powerful tool when it comes to the government trying to balance the American economy, the Federal Reserve could use this same strategy to manipulate the financial system when it comes to the desired amount of goods being imported or exported between the United States and other nations.. This being said, the money in your pocket is susceptible to becoming trivial in the matter of hours, days, weeks, or months. T his has been seen before in the late 1970’s and earlyShow MoreRelatedShould The World Be Today? If There Was No Debt?1281 Words   |  6 Pageswould the world be today if there was no debt? Would things be better in the economy? The answer to this question is yes. Now, debt in the world has become a huge problem for the U.S. In the year of 1946, the first step into a world with debt would begin. This new creation would be the beginning of debt in the world. The invention of the credit card was a blessing, and also a curse for many. This invention would also be a huge breakthrough in how things were paid for. This one simple card would makeRead MoreVarious Types Of Credit Cards1315 Words   |  6 PagesVarious types of credit cards are available in the market. They have evolved from their early days into flexible financial tools for most types of spenders and savers. But with so many types of credit cards on offer it can be somewhat overwhelming. Few examples are Airline c redit card, Balance transfer credit card, cash rebate credit cards etc. How to choose the Right Card? There are literally tens of hundreds of credit cards on offer in the USA, and the list is growing daily. So, which isRead MoreCredit Card Fraud Should Be A Federal Offense1120 Words   |  5 Pages Abstract Credit card fraud is a federal offense and can get an offender up to 20 years in prison depending on the severity of the situation. Should it be a federal offense? Credit card fraud is becoming more and more relevant especially in the United States , matter of fact it increased by 16% in 2016 alone. This is a serious problem in today s society. The hypothesis that s being examined in this paper is that credit card fraud should be a federal offense. This has become a relevantRead MorePersonal Letter : Personal Banker912 Words   |  4 Pageseventually a credit card in my name without any cosigner. With this in mind before my 18th birthday, I research every bank from big banks such as Bank of America to little credit unions like Arizona Federal. I learn about the fees, how to avoid them, the advantages and disadvantages of a big bank and credit unions, credit reports, the different type of credit cards available and what the best way to obtain them is. Then at 18, I opened my first bank account and subsequently a credit card a couple monthsRead MoreAdvantages And Disadvantages Of Credit Card1055 Words   |  5 PagesHaving a credit card has many advantages and disadvantages to them. Some of the advantages might outweigh the disadvantages, or the disadvantages might outweigh the advantages. It’s all about looking out for the hidden fees or charges that some credit card companies that will do that for people. Some advantages of a credit card are: Conveniences, Build positive credit history, instant cash, and also purchase protection. A few disadvantages are Overuse, Paperwork, and deepening people s debt. CreditRead MoreDoes The Internet Make The World A Bigger Or Smaller Place?1688 Words   |  7 Pages Does the internet make the world a bigger or smaller place? Today, we live in a technologically based world in which almost everything we do is done through computer-based technology. Communication, marketing, and even transactions are all done through technology. The danger of having all of your information online is that once something is on the internet, it is permanent. Whether it be your home address, phone number, or simply pictures of you and your family, you can never really removeRead MoreWhy You Should Outlaw Credit And Debit Cards860 Words   |  4 Pagessalads and gym memberships, we tend to forget about our fiscal resolutions. Dieting can be quite an expensive lifestyle change. Luckily there s a diet out there that can kick-start your money resolutions! Why You Should Outlaw Credit and Debit Cards We are lucky to live in a society with easy and secure access to our money through the use of credit and debit cards. We re even given register books to manage the amount of money that goes in and out of our accounts on a daily basis. However, most peopleRead MoreTell Me About Yourself?862 Words   |  4 Pageseventually a credit card in my name without any cosigner. With this in mind before my 18th birthday, I research every bank from big banks such as Bank of America to little credit unions like Arizona Federal. I learn about the fees, how to avoid them, the advantages and disadvantages of a big bank and credit unions, credit reports, the different type of credit cards available and what the best way to obtain them is. Then at 18, I opened my first bank account and subsequently a credit card a couple monthsRead MoreTechnology And The Internet And Personal Smartphone Devices1270 Words   |  6 Pagesinto three types. First and foremost, there are the commonly known devices that a re connected to the open internet like a smartphone or standard PC. Next, there are devices pertaining to the transfer of sensitive information like ATM’s, store transactions, or anything requiring the use of a credit/debit card. Lastly, there are the networks of communication like a standard car radio or GPS device. All of these devices work to â€Å"[connect] about 2.7 billion people around the world† (Goutam 14). Not toRead MoreDebit Card And Debit Cards Fraud Essay1513 Words   |  7 PagesHistory 3. Types of debit cards 4. How do Debit cards work? 5. Advantages of debit cards 6. Disadvantages of debit cards 7. Ways to protect from debit cards fraud 8. Conclusion and future scope 9. Bibliography Introduction According to Wikipedia â€Å"A debit card also known as a bank card or check card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user s bank account when performing