Credit cards (as we know them at the moment) had been first launched in 1958 in the USA by the Bank of America. The first outside the USA was the launch of Barclaycard in 1966 by Barclays bank. In 1967 a rival to the Bank of America System called Mastercharge was created and in the UK the Access credit card was first launched in 1972 by a consortium of the opposite major UK banks. The Bank of America and Barclaycard payment systems have evolved into the Visa network, whilst Mastercharge and the Access model have evolved into MasterCard. Any card issued within the UK immediately will usually embrace a Visa or MasterCard logo. The exception being cards issued by American Express which can only be utilized in institutions that accept their cards. There’s a fourth smaller network in the USA called Discover.
All major banks and a few building societies within the UK supply cards to current and new customers. Many offer both Visa and MasterCard networks and it is quite common to have one account, with particular person Visa and MasterCard cards.
Within the Nineteen Eighties the gold and platinum cards had been launched to the market. Initially these were offered to prospects who had a high income. They often included a higher than regular credit limit. There was often an annual fee attached to the card. The charging of a payment enabled the issuer to supply particular benefits reminiscent of free journey insurance to the holder as well as lower interest rates if the total balance was not paid off every month.
Nowadays, the difference between a gold or platinum card and a traditional card has diminished. Simplistically, a gold card will provide the shopper a reduced interest rate and longer interest free interval for a balance switch when compared to these of a normal card. The platinum card will supply even better terms than those available to a gold card. Some gold and platinum cards give the holder additional benefits such as discounts for purchases through chosen companies. Most issuers have ceased the observe of charging an annual price for the holding of a gold or platinum credit card.
Applying for a gold or platinum credit card is easy. Usually there are set minimum revenue ranges required and often a better than average credit history earlier than a card is issued to the customer. The minimal month-to-month repayment requirements will normally be just like these of a regular credit card. Some issuers nonetheless provide particular discounts or different benefits to the gold and platinum credit card holders, however this apply is much less common than the days that they had been first introduced. Often the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it might be even higher.
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