Who invented high interest credit cards?

Question

I ask because many people believe this nation (U.S.) was founded on Christianity. Atheists disagree.

Question: Are high interest credit cards a Christian invention or not?

Answer 1

Im not an atheists, but i disagree that the U.S. was founded by christians. It was founded by SECULARISTS!!!!!





To answer your question, i dont know. But as long as you pay your bills on time, it doesnt matter how high the interest rates are on credit cards.

Answer 2

Credit cards were first thrown down in 1951. That's when 200 brave, pre-approved soouls were able to present their Diner's Club cards at 27 different New York City restaurants. On 1949 Frank McNamara went to dinner at Major's CAbin Grill and forgot his wallet. After talking his way out of doing the dishes to cover his tab, McNamara thought, "Never again!" In February of 1950, he and a partner founded Diner's Club and returned to Major's with a small cardboard card. Frank signed for dinner without a hassle, and the event was eventually dubbed "the First Supper." According to American Consumer Credit Sounselling, the total U.S. credit card debt in the first quarter of 2002 was approx. $60 billion. The average credit card interest rate is around 18.9%. Approx. 1/2 of all credit card holders pya only their minimum monthly requirements. There are a total of 1.2 billion and retail cards in North America. The average American household is solicited 7 times a year by credit card companies. Total consumer credit: 1.7 trillion Credit card debt carried by the average American: $8,562 Total finance charges Americans paid in 2001: $50 billion Percent of U.S. houshold deemed credit worthy by the lending industry: 78% Number of credit card holders who delared bankrupcy last year: 1.3 million

Answer 3

Credit cards were invented and developed by plain people and I fail to see any religious connection.



A chronological history of the invention and development of the credit card follows.



1888 - Edward Bellamy first developed the idea of the credit card.

1920s - Oil companies and hotel chains began issuing their credit cards to customers.

1946 - John Biggins of the Flatbush National Bank of Brooklyn invented the first bank issued credit card.

1950 - The Diner's Club card, invented by the Club founder Frank McNamara, was introduced.

1958 - American Express and Bank of America issued their credit cards.



High interest rates developed as follows.



Mid 1970s - The U.S. Congress began regulating the credit card industry.

1996 - The U.S. Supreme Court lifted restrictions on the amount of late penalty fees a credit card company could charge. Deregulation has also allowed very high interest rates to be charged.



The following sites contain more details on the above information.



http://www.thesimpledollar.com/2007/02/16/a-fascinating-look-at-edward-bellamy-inventor-of-the-credit-card/



http://inventors.about.com/od/cstartinventions/a/credit_cards.htm

Answer 4

High interest credit cards are a capitalistic invention. By biblical law,:



Exodus 22:25-27 (New International Version)



25 "If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. [a] 26 If you take your neighbor's cloak as a pledge, return it to him by sunset, 27 because his cloak is the only covering he has for his body. What else will he sleep in? When he cries out to me, I will hear, for I am compassionate.

Answer 5

NO!



The bible speaks against this type of activity.

Many verses in proverbs and the law teach against it.

"If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. If you take your neighbor's cloak as a pledge, return it to him by sunset, - Exodus 22:25-26



Do not take interest of any kind from him, but fear your God, so that your countryman may continue to live among you. You must not lend him money at interest or sell him food at a profit. I am the LORD your God. - Leviticus 25:36-38



Good will come to him who is generous and lends freely,

who conducts his affairs with justice. - Psalm 112:5



The rich rule over the poor,

and the borrower is servant to the lender - Proverbs 22:7



Other Examples:

"What you are doing is not right. Shouldn't you walk in the fear of our God to avoid the reproach of our Gentile enemies? I and my brothers and my men are also lending the people money and grain. But let the exacting of usury stop! Give back to them immediately their fields, vineyards, olive groves and houses, and also the usury you are charging them—the hundredth part of the money, grain, new wine and oil."

- Nehemiah 5:9-11



He does not lend at usury

or take excessive interest.

He withholds his hand from doing wrong

and judges fairly between man and man. - Ezekiel 18:8



In you men accept bribes to shed blood; you take usury and excessive interest and make unjust gain from your neighbors by extortion. And you have forgotten me, declares the Sovereign LORD.

" 'I will surely strike my hands together at the unjust gain you have made and at the blood you have shed in your midst.

- Ezekiel 22:12-13

Answer 6

The greed filthy pigs of course that love to suck you dry until they cannot suck you dry anymore.



Surely your very government can stop it, but they are also making money.

Concealers of Allah’s Revelations:

“Those who conceal what We have sent down of proofs and guidance after We have made it clear to the people in the scripture- those are cursed by Allah and cursed by those who [are entitled to] curse.” (Surah al Baqara 2:159) (those who curse” refers to the angels and believers.)

Answer 7

no, credit cards are clearly an atheist invention because they kick you in the butt.

Answer 8

Oh No. Everyone knows it's the devils card. *giggle*

Answer 9

For sure it is the money hungry devils helpers sent to make us insane.;)

Answer 10

The same question shows up again