Finance History | Visa — Sixty Thousand Cards Dropped on Fresno on 18 September
· 1958-9
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Visa — Sixty Thousand Cards Dropped on Fresno on 18 September
kevin
People treat Visa as a Foster City listing that always ran VisaNet from an S and P 500 book.
The first book was an unsolicited card in a Fresno mailbox.
On 18 September 1958 Bank of America mailed about 60,000 BankAmericards to Fresno residents with no application.
Joseph P. Williams's Customer Services Research Group had spent years watching charge-card failures and revolving accounts at Sears and Mobil.
Limits ran from 300 to 500 dollars in 1958 money. More than 300 Fresno merchants signed on at a six percent fee.
The cards later licensed to other banks and took the Visa name in 1976 so a foreign bank would not have to print Bank of America on the plastic.
The mechanism is still the first one.
A shopper who did not have a store account at every counter could carry one revolving line if a bank mailed the card first and settled with the merchant later.
A visitor in downtown Fresno still walks Fulton. The 1958 drop is gone. The mailbox is how the book started.
Photo: Fresno streetscape, Wikimedia Commons contributors, via Wikimedia Commons.
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