American businessman Frank McNamara offered the very first Diners Club credit card in US history. To date, the total debt of Americans is more than $700 billion.

Buying goods and services with credit cards has become a way of life. People often don’t have cash with them. They take one simple plastic card and buy whatever they like.

The story of this invention began when Frank McNamara and two of his friends came to dinner. They met at the famous Cabin Grill near the Empire State Building. At the end of dinner, McNamara reached into his pocket for his wallet and wanted to pay for the food. But he realized that he forgot his wallet at home. He was very embarrassed that he had to ask his wife to bring him money. He vowed that he would never allow this to happen again.

This lunch, no cash to pay for food, talking about loans with friends, gave McNamara the idea – credit cards. A tool that can be used in multiple locations to pay bills. So credit cards really changed the financial world!