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The First Charge Card: How a Night Out in 1950 Changed Spending Forever
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In this This Week in Wall Street History segment, host Todd M. Schoenberger traces the roots of modern credit cards back to February 8, 1950, when Frank McNamara famously forgot his wallet at a NYC restaurant—and returned the next day armed with the first Diners Club card. This humble moment sparked the charge-card revolution, enabling diners to pay later at multiple restaurants. Within a year, usage soared into the tens of thousands, and by the 1960s, plastic cards, travel benefits, and global acceptance followed.
Fast-forward to today: Credit cards now account for about 31% of all U.S. payment transactions, with each American holding nearly 4 cards on average. Restaurant spending—once the genesis of the card—continues to trend upward: consumers boosted restaurant purchases 2.1% year-over-year from March to June 2025, even as grocery spending edged only 0.1%. Clearly, the practice of paying upfront and splurging at restaurants is alive and well—and it all began with Diners Club.
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