Is this freaking cool or what!?!?For the few of you out there who have never heard of BankAmericard, I can safely say "yes...you have".
You probably know BankAmericard more by their current name: VISA.
Yes, good old Visa used to be BankAmericard way back in (hold on to your hats!) 1958!!! That's when Bank of America decided to pull out all the stops and try to get the US population hooked...er...interested in a real, honest-to-goodness credit card!
BoA created two enduring American traditions when it did a mass credit card mailing in the late 50's (and by "mailings" I mean mailing an actual uncolicited credit card to homes across America, not just an application for one!). Those two traditions were:
- the US population started buying on credit using a single source for financing, rather than using multiple credit cards for individual stores
- credit card fraud.
Yep, we can thank BoA for ushering in the dawn of unauthorized charges to your card (I don't blame them personally, it was bound to happen no matter who wound up issuing these cards first).
But it wasn't until 1976 that BankAmericard officially became Visa.
Oh, and MasterCard? They used to be known as...
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