The History of Credit Cards

Best Everyday Credit Card

The St.George Vertigo MasterCard is a great card to make everyday purchases on as you can save with an introductory offer on purchases for the first 6 months. This purchase rate then reverts to a low ongoing rate afterwards. You will also benefit from a low annual fee

• $55 annual fee
• 12.49% p.a. on purchases
• 2.99% p.a. for 6 months on balance transfers
• Cash Advance Rate of 21.24%
• Free secure online shopping service

Click here to read the St George Vertigo terms and conditions

Credit Cards today have become an accustomed part of everyday life, whether it’s used for groceries, petrol or just everyday expenditure.

The credit card has become natural for at least one type of payment. Today’s credit cards have evolved from a variety of credit schemes used throughout the 1920s mostly in the United States, designed to sell fuel to a large increase in cars, which was handed out by the oil companies to use their goods.

The concept was a sheet metal card that held the customers name, city and state but no address. However the cards were only used for specific companies, it was not until the 1950’s where the first major card company (Diners Club) had evolved the card into a card that could be used throughout most businesses that took credit cards.

Through the 50’s to 70’s The credit card evolved into a payment method which could allow for
Cash free wallets and be very handy for business people traveling frequently.
American Express and MasterCard like other several companies grew enormously, becoming some of the biggest companies today. Through the popularity of the public becoming habitual to the use of credit cards, naturally the big banks got grasp of the idea and knew they could profit from the concept.
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Credit Company Growth

Since the Rise of Major Credit Card Companies, there economic growth is beyond comparison to other leading companies around the world. Cash advances since 1990 have risen from $223 Million to Today’s $1.012 Billion. The number of accounts in Australia has risen from

It’s evident to see that although accounts have increased by double the amount cash advances has increased by over 4.5 times. As of August 2008 there are 141,943,000 credit card accounts worldwide, spending an average per month of $17000 million in 2008. In January 1992, the amount was a relatively meager $1310 Million.
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Leading Companies

MasterCard and Visa are the two biggest credit companies Sharing 88.3% of the market. This in comparison to Amex and Diners who have a respectable 11.5%.

A total of $17797 million was transacted throughout August 08 with a total repayment of $44594 million. Just over double, displaying facts, that suggest the average persona is not paying on time, due to economic redundancy and also displays how much credit card companies earn there power.

There is limited room left for new companies to create there own credit card. The four major credit companies hold such a monopoly over the population.

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What’s Ahead of Us

Credit Cards have a big future as the world becomes a less cash in hand society. Already we can see cash becoming less of an everday currency with the introduction of credit card-only gas pumps. A cash free environment may be increasingly difficult for those who have trouble saving, but they’ll need to adjust in order to match societies changing finance.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0