Card Credit Credit Reestablishing Blog

In 1958, Bank of America issued the first all-purpose credit card by simply 'dropping' 60,000 of them on Fresno California: In other words, they simply mailed them out to thousands people who had not asked for them and hoped for the best. Their pitch was for a new kind of revolving credit line; one that would allow people to buy whatever they wanted and then pay the balance over time. BOA hoped to cash in on the post-war consumer frenzy, the race to suburbs, and the desire for new appliances, furniture, and whatnot.

The new, all-purpose credit card envisioned sounded great in theory, but it didn't really take off at first. During the 50s and 60s, buying on time came with a certain social stigma, so people didn’t immediately line up for all-purpose credit. The Depression was fresh in the memories of the older generation, and credit was not something Americans used loosely if at all. Paying cash was considered best.

Credit Card Controversy and the Chicago Debacle

In 1966, an event that is now remembered as "The Chicago Debacle" almost destroyed the entire credit card industry before it got properly started. That year, just before Christmas, a group of local banks dropped five million credit cards on the greater Chicago area, hoping to cash in on holiday shopping charges. The Chicago drop was so indiscriminate and so sloppy that babies, dogs, and dead people actually got credit cards in the mail.

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