The Encyclopedia Britannica defines credit as “a transaction between two parties in which one (the creditor or lender) supplies money, goods, services, or securities in return for a promised future payment by the other.” The concept of credit was already used in the earliest period of history in Assyria, Babylon and Egypt.

The use of credit card was first used in the US in 1920 by some automobile owners who used cards to buy fuel. However, these cards were accepted only to the establishment who issued it. By 1938, a number of companies started to accept each other’s card.

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