🤔 Today's Trivia Question:

Card Used for the First Credit Card Charge in 1950?

Correct Answer B) Diner’s Club

How a Forgotten Wallet Led to the Creation of the World's First Credit Card

In 1949, businessman Frank McNamara faced a moment of embarrassment when he discovered he had forgotten his wallet while dining at a New York City restaurant. To ensure this inconvenience never recurred, McNamara, with the aid of his wife and partner Ralph Schneider, devised a novel solution. By February 1950, the trio returned to the same restaurant, Major's Cabin Grill, where McNamara introduced a groundbreaking payment method: a small cardboard card. This historic transaction, now famously known as the "First Supper," marked the birth of the Diners Club® Card, the world's first multipurpose charge card.

Within its initial year, Diners Club® experienced rapid growth, amassing 10,000 members, primarily from New York’s business elite. The service expanded to include 28 restaurants and two hotels, all agreeing to a monthly billing arrangement for this exclusive clientele. Over the decades, Diners Club continued to spearhead innovations within the credit card industry. The 1950s saw the introduction of a travel insurance policy. By the 1960s, the company transitioned from cardboard to plastic cards, even making a cameo in the Audrey Hepburn classic, "Breakfast at Tiffany's."

The 1970s and 1980s further solidified Diners Club’s role as a pioneer, with the launch of the first corporate card range and the introduction of Club Rewards®. In a significant move on December 31, 2009, BMO® Financial Group acquired the Diners Club North American franchise, securing exclusive rights to issue Diners Club cards to corporate and personal clients in the U.S. and Canada, continuing the legacy of this innovative financial tool.