Credit cards (as we know them in the present day) had been first introduced 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 introduced in 1972 by a consortium of the other major UK banks. The Bank of America and Barclaycard payment systems have evolved into the Visa network, whilst Mastercost and the Access model have developed into MasterCard. Any card issued within the UK at this time will normally embrace a Visa or MasterCard logo. The exception being cards issued by American Specific which can only be used in establishments that settle for their cards. There’s a fourth smaller network in the USA called Discover.
All main banks and some building societies within the UK offer cards to present and new customers. Many offer both Visa and MasterCard networks and it is quite common to have one account, with individual Visa and MasterCard cards.
Within the 1980s the gold and platinum cards had been introduced to the market. Initially these have been offered to prospects who had a high income. They typically included a higher than regular credit limit. There was normally an annual fee hooked up to the card. The charging of a charge enabled the issuer to supply particular benefits corresponding to free journey insurance to the holder as well as lower curiosity rates if the total balance was not paid off every month.
Nowadays, the distinction between a gold or platinum card and a normal card has diminished. Simplistically, a gold card will provide the client a reduced interest rate and longer curiosity free period for a balance switch when compared to these of a traditional card. The platinum card will provide even better phrases than these available to a gold card. Some gold and platinum cards give the holder additional benefits corresponding to discounts for purchases through selected companies. Most issuers have ceased the practice of charging an annual charge for the holding of a gold or platinum credit card.
Applying for a gold or platinum credit card is easy. Typically there are set minimal income levels required and normally a better than common credit history earlier than a card is issued to the customer. The minimum month-to-month repayment necessities will normally be similar to these of a typical credit card. Some issuers nonetheless offer special discounts or different benefits to the gold and platinum credit card holders, but this apply is much less frequent than the times that they were first introduced. Often the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it can be even higher.
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