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The concept of credit has been around for centuries. It’s believed by historians that credit was first used in Assyria, Babylon and Egypt 3000 years ago. The bill of exchange, which was the forerunner of bank notes, was established in the 14th century. Paper money followed in the 1600’s.

The first advertising for credit was placed in 1730 by Christopher Thornton who offered his furniture for weekly payments.

From the 18th century to the early 20th century, tallymen sold clothing in return for weekly payments. They were called tallymen because they kept a tally of what people bought on a wooden stick. One side of the stick had notches representing debt and the other side recorded payments.

In the 1920s the “buy now and pay later” system was introduced in the U.S. It could only be used in the stores which issued it.

Also in the 1920s, according to Encyclopedia Britannica credit cards originated in the U.S. when individual firms (such as oil companies and hotel chains) issued them to customers for use within their firm.

First Bank Credit Cards

John Biggins of the Flatbush National Bank of Brooklyn invented the “Charge-It” program between bank customers and local merchants. Merchants deposited sales slips into the bank and the bank billed the customer who used the card.

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