The Logbook: A brief history of the credit card

Recently we’ve seen new Bitcoin startups like Lolli and BlockFi exploring ways to offer credit cards with bitcoin rewards. The modern credit card has gone through multiple iterations before ending up at the rectangular plastic cards we are now familiar with.

The first credit card-like instruments took the form of charge coins issued by department stores in the mid-1860s. These coins were often made out of celluloid, copper, aluminum, and other metals. Charge coins extended credit to customers with charge accounts at various merchants. The coins were imprinted with the owner’s name and address, along with the name of the business issuing the coins. Whenever a customer purchased products and services using a charge coin, the numbers would be recorded on the company ledger to be settled at the end of each month.