![]() Cardholders would be required to pay their bill in full each month to Diners Club.Īmerican Express developed its first charge card in 1958, allowing customers to pay their bill monthly in exchange for an annual fee. The restaurant would send the bill to Diners Club and then Diners Club would send payment directly to the restaurant’s bank, taking a small commission for each transaction. He and partner Ralph Schneider launched the first Diners Club card, which allowed cardholders to charge their meal to the card. ![]() ![]() The concept of credit extends back thousands of years to Mesopotamia, where evidence has been found of transactions between merchants who issued the earliest-known forms of an I.O.U for their goods.ĭiner’s Club was the first widely-known charge card, created by Frank McNamara in 1950 after leaving his wallet at home while out dining. Women who marry other women would likely be unable to access credit at all. If women were unable to access credit in their own name, they would be unable to build their own credit profiles and their credit score would be dependent on the financial choices made by their male spouses. Although it may seem counterintuitive, someone with a high salary and a low or nonexistent credit score is likely to be offered a higher interest rate on a loan than someone with great credit but a lower-paying job. Without an opportunity to build strong credit, all loans interest rates-including credit card APRs-are likely to be higher. When it comes to getting favorable rates on your loans, the better the credit score, the better your rates. By establishing a credit history and subsequently a credit score, you can show lenders that you are financially responsible and eligible for major life purchases like car loans, mortgages and premium credit cards. The ability to establish and build credit is important for anyone in the U.S., regardless of gender. ![]() Why Is the Ability To Have Credit Important for Women? In this article, we’ll take a deep dive into history of women and credit and how legislative advancements and shifting societal perceptions have led to significant advancements in women’s equality and in turn, greater access to financial independence for women. Although we may not think of credit cards as a gender equality issue today, it wasn’t until 1974 that women were allowed to apply for and own a credit card in their name. ![]()
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