Time Magazine had a brief history of credit cards that I’ve turned into a TRUE or FALSE quiz.
1. In the 1920s gas stations, department stores and hotels offered the first charge cards to drivers who did not want to zip back to the bank for cash.
2. Credit cards became popular in the 1950s post-war boom.
3. The first widely used credit card was a Diners Club card made out of cardboard.
4. In the 1960s credit cards were mailed to 5 million Chicagoans, including toddlers, felons, and dogs.
5. The American Express platinum card, which debuted in 1984, was the first premium charge card.
6. Lenders collected more than $18 billion in credit card penalties and fees in 2007.
7. In 2008 half of U.S. college students had four or more credit cards.
8. Outstanding credit card debt reached a record $951 billion in 2008.
To get the answers keeping reading.The credit card quiz answers are all TRUE.