The proliferation of credit cards happened before the proliferation of the internet. How did credit cards work before the internet?
In: 155
Credit cards are a way to pay for things without using cash. Before the internet, people used credit cards by taking them to a store and using them to buy things.
When you wanted to use a credit card to pay for something, you would give the credit card to the person at the store. They would then put the credit card into a special machine called a card reader, which would read the information on the credit card and make sure it was a valid card.
If the credit card was valid, the store would be able to charge the amount of the purchase to your credit card account. You would then have to pay back the money you owed on the credit card later, usually with interest.
Credit cards were very helpful because they allowed people to buy things even if they didn’t have enough cash with them. But they also had some risks, because if people used their credit cards to buy things they couldn’t afford, they could end up owing a lot of money.
With the proliferation of the internet, credit cards became even more useful because people could use them to buy things online. Today, most people can use their credit cards to make purchases on the internet, as well as in stores. The other added benefit of credit cards over other forms of payment is the layer of security credit cards provide over debit cards.
Latest Answers