As early as the eighteenth century, wealthy Americans had habitually run up huge debts with retailers and considered it an impertinence to be asked to pay.Stores had found that a businesslike monthly bill could induce most such people to settle up on a timely basis.They thought there had to be a catch.”There was indeed a catch, but it snared the merchant, not the consumer.Devising the system that card issuers use to this day, Diners Club (which is now a subsidiary of Citicorp) underwrote the cards mainly by charging retailers a “discount” of up to 10 percent on each sale; it repaid the merchant that much less than the amount of the sale.From Ben Franklin’s Gasoline and store charge cards were already common by the 1950s, but cash was the standard for every kind of personal purchase those didn’t cover.Schneider discovered that people wouldn’t believe it when they were told that “just by applying, they would get the credit card and we would take the risk [that they wouldn’t pay].After seven days, you will then be charged a subscription.The box showing this info may need to be enlarged before you can read all of this.
In 1905 Spiegel began offering credit terms on everything in its catalogue.
He founded Diners Club in the spring of 1950—not long after that lunch—on just ,000 put up by his partner and attorney, Ralph Schneider.
Within a year about two hundred people had been persuaded to carry the world’s first multiuse charge card.
More subtle than just sending a link and hoping you click, the trick here is to get the person to ask for more information by saying ‘What’s the code they gave you? But the website they link to is not what it claims to be.
There are at least 13 of these fake websites, Symantec reports.
All of this should not be confused with Tinder’s legitimate verification service, which providers celebrity users with a blue tick (and is not available to the likes of you and I.) As always, be careful with what you read online, especially if credit card details are involved.