Key Dates in the History of Plastic Cards29 December 2004
1914: In the United States, Western Union provided metal cards giving free deferred payment to preferred customers.
1950: Again in the US, Diners Club issued plastic payment cards aimed at restaurant-goers.
1951: Finders Services becomes the UK’s first charge card. The difference between charge cards and credit cards is that customers had to pay the whole balance at the end of the month.
1962: Diners Club launches a charge card in the UK.
1963: American Express launches the first charge card in the UK with an annual fee of £3 12s (equivalent to £49 today).
June 29 1966: Barclays launches the UK’s first credit card, where customers can pay back balance over time. Barclaycard initially had limited use overseas.
1967: The first cash machine was installed by Barclays Bank in Enfield, Middlesex. Customers bought hole-punched vouchers of £10 each from the bank and put them in the dispenser when needed.
1972: Lloyds Bank installed the first on-line cash machine using plastic cards with a magnetic strip.
1977: BankAmerica changes its name to Visa.
1979: MasterCharge, a competitor to BankAmerica, becomes MasterCard.
1987: Barclays become first UK bank to issue a debit card.
1988: Switch debit card launched by Midland, NatWest and Royal Bank of Scotland.
1990: Cashback introduced.
1995: The number of debit cards exceeds credit cards for the first time.
1997: Trials begin in Northampton and Dunfermline using a card equipped with a special chip.
2001: More than half of UK spending in shops is on plastic.
2004: Switch rebranded Maestro.
Source: The Scotsman
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