Credit cards
Which is the world's first credit card? Take the Rediff Business Quiz and find out how much you know about the credit card and its origins.
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1. Which is the world's first credit card? a) American Express b) Diners Club c) MasterCard
Wrong! Try again..
Wrong! The correct answer is Diners Club. Diners Club: In 1950, the Diners Club issued the first credit card (invented by Diners Club founder Frank McNamara) in the United States (restaurant bills only). The first Diners Club credit cards were given out in 1950 to 200 people (most were friends and acquaintances of McNamara) and accepted by 14 restaurants in New York. The cards were not made of plastic; instead, the first Diners Club credit cards were made of a paper stock with the accepting locations printed on the back. The companies who accepted the Diners Club credit card were charged 7 percent for each transaction while the subscribers to the credit card were charged a $3 annual fee.
Correct! Diners Club: In 1950, the Diners Club issued the first credit card (invented by Diners Club founder Frank McNamara) in the United States (restaurant bills only). The first Diners Club credit cards were given out in 1950 to 200 people (most were friends and acquaintances of McNamara) and accepted by 14 restaurants in New York. The cards were not made of plastic; instead, the first Diners Club credit cards were made of a paper stock with the accepting locations printed on the back. The companies who accepted the Diners Club credit card were charged 7 percent for each transaction while the subscribers to the credit card were charged a $3 annual fee.
2. Which was the first payment card to be issued in the People's Republic of China? a) MasterCard b) Visa c) American Express
Wrong! Try again..
Wrong! The correct answer is MasterCard. MasterCard: In 1987, MasterCard became the first payment card to be issued in the People's Republic of China. In 1988, the first MasterCard was issued in the Soviet Union. With over 37 offices around the world and having it headquarters in New York, MasterCard was the first to introduce the co-branding strategy in the credit card industry. MasterCard was previously called as Interbank Card Association (ICA).
Correct! MasterCard: In 1987, MasterCard became the first payment card to be issued in the People's Republic of China. In 1988, the first MasterCard was issued in the Soviet Union. With over 37 offices around the world and having it headquarters in New York, MasterCard was the first to introduce the co-branding strategy in the credit card industry. MasterCard was previously called as Interbank Card Association (ICA).
3. Which was the first credit card company to introduce the multi-application smart card based on open standards-based technology? a) American Express b) Discover c) Visa
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Wrong! The correct answer is Visa. Visa: In 1998, Visa together with Standard Chartered Bank introduced the Smart Card. Visa traces its history back to 1958 when Bank of America launched its blue, white, and gold BankAmericard in California. In 1970, an association, National BankAmericard, Inc., was formed of those American banks issuing BankAmericards.In 1974, Bank of America's international licensees chartered an international company, IBANCO, to administer BankAmericard, Inc. outside the United States. In 1976 BankAmericard changed its name to Visa, a simple, memorable name with an international flavor that is pronounced the same way in almost every language.
Correct! Visa: In 1998, Visa together with Standard Chartered Bank introduced the Smart Card. Visa traces its history back to 1958 when Bank of America launched its blue, white, and gold BankAmericard in California. In 1970, an association, National BankAmericard, Inc., was formed of those American banks issuing BankAmericards.In 1974, Bank of America's international licensees chartered an international company, IBANCO, to administer BankAmericard, Inc. outside the United States. In 1976 BankAmericard changed its name to Visa, a simple, memorable name with an international flavor that is pronounced the same way in almost every language.
4. Who introduce the world's first traveller's cheque? a) American Express b) Citibank c) Bank of America
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Wrong! The correct answer is American Express. American Express: The company introduced the world's first traveller's cheque in 1891. American Express entered the Credit Card business in 1958 when it issued its first charge card. Within five years, more than 1 million cards were in use at approximately 85,000 establishments within and outside the United States.
Correct! American Express: The company introduced the world's first traveller's cheque in 1891. American Express entered the Credit Card business in 1958 when it issued its first charge card. Within five years, more than 1 million cards were in use at approximately 85,000 establishments within and outside the United States.
5. Which is the largest independent credit network in the United States? a) Visa b) Discover c) American Express
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Wrong! The correct answer is Discover. Discover: Discover Financial Services, a business unit of Morgan Stanley & Co, operates the Discover Card brands. With approximately 4 million merchant and cash access locations, Discover Business Services is the largest independent credit network in the United States with its Corporate Headquarters Riverwoods, Illinois. Discover Card was started by Sears, around 1984. Sears spun off Dean Witter Discover Co. in 1993. Morgan Stanley acquired Discover Card when it merged with Dean Witter in 1997.
Correct! Discover: Discover Financial Services, a business unit of Morgan Stanley & Co, operates the Discover Card brands. With approximately 4 million merchant and cash access locations, Discover Business Services is the largest independent credit network in the United States with its Corporate Headquarters Riverwoods, Illinois. Discover Card was started by Sears, around 1984. Sears spun off Dean Witter Discover Co. in 1993. Morgan Stanley acquired Discover Card when it merged with Dean Witter in 1997.
