Credit article: Credit Card

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Brief History

The use of credit can be traced back to Assyria, Babylon and Egypt 3000 years ago. Based on Britannica Encyclopedia shows that the use of credit card starts in the US since 1920's. It is only until 1938 that the use of credit card involving a third party being introduced. That system still being used at present day.

The Issuer

American Express is known as one of the earliest credit card issuer in the world involving third party or card holder. At the time this article being written, no less than 11 credit card issuer are available in the world. They are :-

1. Citi Card

2. American Express

3. Discover

4. First Premier Bank

5. HSBC Bank

6. Advanta

7. Master Card

8. Visa

9. Chase

10. Capitol One

11. Bank Of America

Through the years, the this industry had developed and currently there are 11 types of facilities that one can choose.

1. Low Interest

2. Prepaid

3. Balance Transfer

4. Instant Approved

5. Reward

6. Cash reward

7. Airline

8. Business

9. Student

10. Bad Credit

11. Special.

From time to time, the type and issuer of this facility had increased but not at a big numbers. It can be a great financial tools especially if you have Internet Business. From a survey done in 2002, 81% from house hold in the US carry at least one credit card. From that figure, 78% is classified as creditworthy client. The average purchase value from credit card is valued at $82. In the first Quarter of 2002 alone, more than $660 billion of transaction had been made by this way in the US alone.

Credit Card In The Internet

The E-Commerce is still developing due to the rate of new internet user increase of between 18% to 33% annually. Therefore, as a convenient tool for payment, this facility is fast becoming as a must for shoppers to shop in the Internet. I personally believe that it is more safe to use my credit card in the Internet at present day compared to few years back simply because the level of security implemented by the E-Commerce merchant had improved. However, other mean of payment in the Internet is available. But these other mean of payment can be a waste of resources to the occasional online shoppers. This plastic cash can still be the main way of plastic money for years to come.

About the author of Credit Card

Sham Amar is a Quantity Surveyor by training. Own an IT business for the last 3 years. For more info on Internet Business please visit http://www.freenetbiz.info