Credit Card

Freshman (College 1st year) ・English ・APA ・3 Sources


Credit cards have changed the way people transact. From fulfiling the simple want to do shopping online, or in physical stores to banking and buying large items; credit cards have honestly been a game changer to many. People no longer need to carry money in order to do business. Furthermore, with the advancement of globalization and e-commerce, individuals and businesses transact on line with so much convenience. Over 50 years ago, Bank of America mass-mailed credit cards to each home in the United States. This was the beginning of the use of plastic cash in meeting the needs of these households. Prior to that, credit cards were used but not in massive scale. Today, there is no turning back; the only concern is with regrads to the safety of making transactions with these credit cards.

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Why credit card was game changer

At the time of the introduction of credit cards, the only way that people could do their purchases was through cash. One day, a New York financier, Frank McNamara, attended a business dinner. When it was time to pay for the meals, he realized he had forgotten his wallet in his “other suit” that was left at home. It was so embarasssing for him to have had to wait for the wife to bring him cash in order to pay his bill. Later that evening, McNamara devised a plan that would ensure he never got such an embarassment again. As a result, the Diner’s Club card was introduced. The use of the card at the diner was the first time consumers could use their credit cards outside their local vicinities. Notably, the credit card provided a lot of convenience (Fogel & Schneider 2011). Apart from cash, people had to write personal checks or use the layaway system in order to facilitate purchase of goods and services. In addition, luxury items could only be afforded by a few elite in the society. However, with the introduction of credit cards, everyone could afford anything! Hence, the most significant thing that credit cards changed was the need for cash or check to transact any business. People had the freedom to use their credit cards to access services and pay later for them.  

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Conditions when credit cards were introduced that made it successful

Several conditions made the introduction of credit cards successful. The first one was the need for a convenient payment mode. People sought convenient ways of paying for gas, shopping, and transacting their normal businesses (Niranjanamurthy et al., 2013). The introduction of credit cards suitably filled this gap. Secondly, people’s need for access to affordable credit also made the introduction of credit cards a success. Thirdly, banks got an opportunity to sell credit cheaply to the masses and they ceased it. Consequently, they enjoyed profits in tunes of millions of dollars. A systematic introduction of the credit cards also made it a success. At first the credit cards were for gasoline, then they started being used as travel and entertainment cards. Ultimately, bank cards were introduced for all purpose use. Finally, the introduction of credit cards was a success because of the presence of merchant banks that were willing to process the credit card services to the merchants.

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The reason for the lasting impact of credit cards

The main reason for the long-term success of credit cards is its convenience. Many people do not like the hustle of carrying around lots of cash in their hands. Furthermore, they are in danger of being robbed of the cash. As such the use of credit cards became a convenient way of making payments. Secondly, credit cards allowed people to track their monthly expenditure (Keown 2013). The monthly expenditure receipt helped individuals in making their subsequent personal and household budgets. Thirdly, the responsible use of credit cards increased a person’s credit score. Consequently, they were able to borrow large sums of money whenever they needed it. Besides, carrying a lot of money led to one being prone to robbery. Therefore, the use of credit cards was essential for theft protection.


In conclusion, credit cards have been a game changer indeed in the market place. It is remarkable how with its use people have embraced globalization, e-markets, diversification of payments, and credit advancement. Additionally, users do not have to stash so much cash on them; they only need to walk with their credit cards. The future is still promising with regards to the use of credit cards. The only challenge that card providers need to look into is safety in using them; especially in the wake of lots of cyber crimes. However, this is an easy challenge with the advancement in technology today.

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Keown, A. J. (2013). Personal finance. Pearson.

Niranjanamurthy, M., Kavyashree, N., Jagannath, S., & Chahar, D. (2013). Analysis of e-commerce and m-commerce: advantages, limitations and security issues. International Journal of Advanced Research in Computer and Communication Engineering, 2(6).

Fogel, J., & Schneider, M. (2011). Credit card use: disposable income and employment status. Young Consumers, 12(1), 5-14.

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