Diners Club International
The Diners Club is the oldest credit card.
History
It was invented by the credit card businessman Frank McNamara, who was able to convince a few restaurants of its concept and in early 1950 issued the first credit card for 27 restaurants. After initial difficulties - in the first year, there were just 200 members at - brought 1952, the accession of millionaire Alfred Bloomingdale breakthrough. His reputation and his store attracted new members and acceptance.
The credit of the Diners Club, however, was given up to one month, since the invoice was paid monthly and not, as later for the first time made possible by Bank of America, later.
10 years later, the Diners Club was a publicly traded company and began to develop a comprehensive supplementary program (eg travel insurance). Also in the Eastern Bloc the Diners Club was able to establish the first commercial in 1969, ahead of the other credit card companies such as Visa or MasterCard. The Diners Club card does not have the same distribution as its competitors, it has its found acceptance because of its numerous worldwide airport lounges primarily at business travelers. Thus, a lounge was opened in Frankfurt in 1977. However, this privilege is increasingly diminishing in recent years, especially since the frequent flyer programs of the airlines have also recognized the need for special care on the ground before departure.
As the rival American Express owns the Diners Club credit card no official spending limit, in contrast to the MasterCards and VISA cards offered in Germany. With its combination of silver, gold or elite status for the business traveler, they also offer their important customers to lounges. Currently the world are about 450 lounges, of which 17 are located in Germany. With increasing acceptance problems in trading in the U.S. and Canada the Diners Club card there recently also accepted by MasterCard partners. In addition, all Diners Club cards are accepted since 1 October 2009 at the Discover Network (USA, Canada, Mexico, Caribbean). On new Diners Club card is on the back to find the Discover Network logo.
Diners Club belonged since 1983 to major banks Citigroup, until it was announced on 24 November 2009 that Diners Club is sold to the Bank of Montreal. By the end of 2009, then already was the completion of the acquisition will be announced.
The Diners Club Germany GmbH announced on 24 January 2014 that on the basis of a realignment of the business strategy, the card business was transferred to Germany with effect from 31 March 2014 to the DC Bank AG in Vienna as a licensee. The shares issued by the Diners Club credit cards Germany GmbH thus lose at this point to be valid. For the issue of a new Diners Club credit card through the DC bank to apply for a new Direction credit card agreement is required.
The annual credit card transaction volume of Diner 's Club North America is 7.8 billion dollars ( as of 2009). Worldwide there are more than 18.6 million acceptance locations.
Founding myth
From the beginning of the Diners Club to the invented by employees Matty Simmons story was told to establishing: According to the founder McNamara said to have remarked at dinner that he had forgotten his wallet and should - have left as security his signed card - in his hangout. This can happen again to him that embarrassment is not, he is said to have founded the Diners Club.