Banks Expand the Industry
Credit cards entered a new phase in 1958 when Bank of America launched the BankAmericard. One feature made it different from previous payment cards: customers were allowed to carry part of their balance into the following month by paying interest. This created the revolving credit system that remains common today.
During the same period, American Express introduced its own charge card, focusing mainly on business professionals and travelers. As consumer interest continued to grow, banks across the United States—and eventually many other countries—began introducing their own credit card programs..
https://www.swipesum.com/insights/history-of-the-credit-card
The Growth of Visa and Mastercard
The popularity of credit cards increased rapidly during the 1960s and 1970s. As more people wanted to use them in different locations, banks realized that larger payment networks were needed.
BankAmericard eventually became Visa, while the Master Charge network later adopted the name Mastercard. These organizations developed standardized payment systems that allowed cardholders to use their cards at millions of businesses, regardless of which bank had issued them.
