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¹¹ Strictly, a charge card does not charge interest, and a credit card does, but in common usage both terms were synonymous. See Wolters, Timothy, “‘Carry Your Credit in Your Pocket’: The Early History of the Credit Card at Bank of America and Chase Manhattan,” Enterprise & Society 1, no. 2 (2000): 317Google Scholar.

¹² Ibid., 321.

¹³ On Mexico, see Forston, J. R., El dinero de plástico: Historia del crédito al consumidor y de los nuevos sistemas de pago en México (Mexico City, 1990)Google Scholar. American Express had an office in Barcelona as early as 1923 (ABC Madrid, 21 Sept. 1923, 27) and began to offer its credit card in 1959 (“Noticiario – Blanco y Negro,” ABC Madrid, 13 Sept. 1958, 105). The earliest mention of Diners Club in Spain was found in an advertisement in ABC Madrid, dated March 30, 1957 (p. 8).

¹⁴ In 1951, Franklin National Bank, in Long Island, New York—at one point the twentieth-largest bank in the United States—launched its own credit card project. It is recognized as the first true bank credit card because it used sales slips (that would be processed as checks) rather than script drafts.

¹⁵ Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, (London, 2011): 18CrossRefGoogle Scholar.

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¹⁸ Crowther, Geoffrey (chairman), Report of the Committee on Consumer Credit (Crowther Committee Report [London: H.M.S.O, 1971]), 573Google Scholar.

¹⁹ In August 1966, at the insistence of Marine Midland Bank (Buffalo, N.Y.), fourteen major banks banded together with the explicit purpose of competing with the syndicate behind BankAmericard. “Association for the National Interchange of Bank Credit Cards under Discussion,” American Banker, 18 Aug. 1966, 1; Wolters, “‘Carry Your Credit,’” 336.

²⁰ Andrew P. Hartman, “The Economic Impact of the Bank Credit Card on the Banking and Merchant Community of Great Falls, Montana” (MBA thesis, University of Montana, 1971), 4; Zumello, Christine, “The ‘Everything Card’ and Consumer Credit in the United States in the 1960s,” Business History Review 85, no. 3 (2011): 551–75CrossRefGoogle Scholar; Vanatta, Sean H., “Citibank, Credit Cards, and the Local Politics of National Consumer Finance, 1968–1991,” Business History Review 90, no. 1 (2016): 57–80CrossRefGoogle Scholar.

²¹ Zumello, “The ‘Everything Card,’” 554.

²² Wolters, “‘Carry Your Credit,’” 317.

²³ For an opposite assessment arguing that the growth of the credit card accompanies significant increases in delinquent accounts, see Sean H. Vanatta, “Making Credit Convenient: The Political Economy of Bank Credit Cards in Postwar America” (PhD diss., Princeton University, 2018).

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²⁵ Access to the clearing system was one of the main barriers to access the British market for retail finance. After 1970, the National Giro Bank and the Co-operative Bank joined the clearing system.

²⁶ Newton, Lucy and Barnes, Victoria, “How Far Does the Apple Fall from the Tree? The Size of English Bank Branch Networks in the Nineteenth Century,” Business History 60, no. 4 (2018): 447–73Google Scholar; Jeremy, David J., A Business History of Britain, 1900–1990s (Oxford, 1998)Google Scholar.

²⁷ See, for instance, Ackrill, Margaret and Hannah, Leslie, Barclays: The Business of Banking 1690–1996 (Cambridge, U.K., 2001)Google Scholar; Martin, Ian, “Too Far Ahead of Its Time: Barclays, Burroughs and Real-Time Banking,” IEEE Annals of the History of Computing 34, no. 2 (2012): 2–16CrossRefGoogle Scholar.

²⁸ Crowther Committee Report, 519.

²⁹ Monopolies and Mergers Commission (MMC), Credit Card Franchise Services (London, 1980), 10Google Scholar.

³⁰ “Banking and Finance: Credit Card Systems,” Financial Times, 22 May 1953, 6.

³¹ “Credit Card Controversy,” Financial Times, 27 June 1960, 8, 13. This article estimated that Credit Card Facilities had fifteen thousand cardholders and two thousand hotels and restaurants throughout the United Kingdom.

³² “Issue Comment: Diners’ Club,” Financial Times, 16 Apr. 1964, 16.

³³ MMC, Credit Card Franchise Services, 8.

³⁴ Ackrill and Hannah, Barclays, 185–89.

³⁵ Data for 1970 from Ackrill and Hannah, Barclays, 396, 399.

³⁶ Before 1977, international credit cards carried unique names such as Chargex in Canada, Carte Blue in France, and Sumitomo Card in Japan.

³⁷ As with merchants, data on the size of the consumer base would also be prone to exaggeration. This is evident in the internal data of inactive cards. Double counting of subsidiary cards (i.e., more than one card per household) was not so much of an issue, at least in Spain and Mexico, where card companies targeted male heads of family. Evidence of delinquent cards at the Banco de Bilbao suggests there were two to four females per every one hundred cardholders. These data should also be taken with care, because the methodology for identifying and completing case studies for delinquent cards is unknown. “Análisis estadistico pasados a mora,” box 355, binder 2, subfolder 1, Archivo Histórico BBVA, Bilbao (hereafter, AHBBVA).

³⁸ Ackrill and Hannah, Barclays, 189.

³⁹ MMC, Credit Card Franchise Services, 8, 9.

⁴⁰ Frazer, Patrick, Plastic and Electronic Money: New Payment Systems and Their Implications (Cambridge, U.K., 1985), 265–66Google Scholar.

⁴¹ In 1972 Lloyds, Midland, National Westminster, and Williams & Glyn's established the Joint Credit Card Company to organize advertising and publicity, recruit merchants, and carry out all card-issuing and processing tasks, including authorization calls, for the Access credit card. Access was affiliated with Eurocard in 1973 and with MasterCharge in 1974. Frazer, Plastic and Electronic Money, 240–41.

⁴² In 1960, 50.7 percent of the population of Mexico was urban, 56.6 percent in Spain, and 69.9 percent in the United States, whereas in the United Kingdom it was 78.5 percent. World Bank, “Population, Total,” World Bank: Data, accessed 15 Dec. 2016, http://data.worldbank.org/indicator/SP.POP.TOTL.

⁴³ Angel, Gustavo Del, “La paradoja del desarrollo financiero de México,” in Historia Económica General de México, ed. Kuntz, Sandra (Mexico City, 2010), 635–66Google Scholar.

⁴⁴ Angel, Gustavo Del, “Computerization of Commercial Banks and the Building of an Automated Payments System in Mexico, 1965–1990,” in Technological Innovation in Retail Finance: International Historical Perspectives, ed. Batiz-Lazo, Bernardo, Maixé-Altés, Joan Carles, and Thomes, Paul (London, 2011), 92–117Google Scholar.

⁴⁵ According to rankings by American Banker in 1969, Banco Nacional de México and Banco de Comercio, together with its affiliate banks, were both among the three hundred largest banks in the world. In Latin America, only Banco do Brasil, a large state-owned bank, was bigger.

⁴⁶ Banamex, Banamex, Memoria, 1882–1988 (Mexico City, 1988), t. II, 92; Noticiero Banamex, 2 Jan. 1968, front page; and Banamex, Informe Anual, 1967, 19, Archivo Banamex, Mexico City (hereafter, Archivo Banamex). The bank made a public announcement about the introduction of the Bancomatico card on April 7, 1967. Excélsior, 8 Apr. 1967, folio D04231, Archivos Económicos Secretaria de Hacienda y Crédito Público, Fondo Biblioteca Lerdo de Tejada-SHCP, Mexico City.

⁴⁷ Bancomer, Informes Anuales, 1968 and 1969, Archivo Centro de Estudios Espinosa Yglesias, Mexico City (hereafter, CEEY). See also Del Angel, Gustavo, BBVA-Bancomer: 75 años de historia (Mexico City, 2007)Google Scholar.

⁴⁸ The members of the syndicate were Banco de Londres y México, Banco Comercial Mexicano, Banco Azteca, Banco Industrial y de Comercio, Banco del Atlántico, Banco Internacional, Banco del Ahorro Nacional, Banco del País, Banco Longoria, and Banco Mercantil de México. Jorge España, mimeo, 1997, Archivo Banamex.

⁴⁹ José Luis García-Ruiz, “The Fall of the Madrid Big Banks (1960–2000): The Role of Innovation (Technological and Financial)” (paper presented at World Business History Conference, Frankfurt, 2014).

⁵⁰ Between 1922 and 1975 the two largest northern commercial banks, the Bilbao and the Vizcaya, each had approximately 10 percent of total retail deposits. See Sánchez, Javier Pueyo, “Oligopolio y competencia en la banca española del siglo XX: Concentración económica y movilidad intra-industrial, 1922–1995,” Revista de Historia Económica 1 (2003): 147–95CrossRefGoogle Scholar.

⁵¹ José María Tobar, a junior executive at Banco de Bilbao who was instrumental to the project, visited the United States in 1963. He returned with news of the use of computers and the success of BankAmericard in California. This, in addition to the long-established relationship of Santiago Zaldumbide, director of foreign services (director del servicio extranjero), led to an agreement in 1969 between Banco de Bilbao and Bank of America when the Bilbao's New York office opened. The meeting with Bank of America in New York was secret. There is no evidence in the archives that the Bilbao's directors were aware of any plans by Banco de Vizcaya to launch the Interbank-backed Eurocard. José María Tobar, interview by Bernardo Batiz-Lazo, 3 June 2015, Bilbao, Spain.

⁵² Data in this paragraph are from Banco de Bilbao, Informe Anual, 1971, annual report collection, Library of the University of the Basque Country, Biblioteca Universidad del Pais Vasco, Bilbao. Two exceptions remain: Huesca and Pontevedra.

⁵³ Felipe Galindo de Lucas, Jefe de la Central de Tarjetas de Crédito, “Principales sistemas de tarjeta de crédito vigentes en España,” 7 Apr 1973, box 351, binder 2, subfolder 1, AHBBVA.

⁵⁴ W. Hall, “Credit Cards Start a Quiet Revolution,” Financial Times, 23 Mar. 1982, 8.

⁵⁵ The earliest mention of Agrupación Española de Tarjetas de Crédito is in an advertisement in ABC Madrid, 28 June 1975, 51. Subsequent articles in both ABC and Financial Times confirm the number of banks in the consortium, but not the date of establishment.

⁵⁶ In 1979 MasterCharge was rebranded as MasterCard.

⁵⁷ José Manuel Tobar, El lado humano de Wall Street: 50 años después, 1956–2006 (2006), mimeo, AHBBVA. Contemporary studies also note that before the regulatory changes of the late 1970s and early 1980s, the bank credit card was aimed at high-income and middle-class customers in the United States. See, for instance, Robert Harris Flashman, “The Effects of Consumer Education of Low-Income Consumers’ Attitutes toward Credit and Their Use of a Bank Credit Card” (PhD diss., Ohio State University, 1976); Mark John Gieser, “Motives and Models of Credit Card Use” (master's thesis, University of Southern California, 1989); Zumello, “The ‘Everything Card,’” 554.

⁵⁸ José Ángel Sánchez Asiaín, interview by Bernardo Batiz-Lazo and Gustavo Del Angel, 5 Sept. 2014, Madrid.

⁵⁹ Bancomer's annual reports show some skepticism in the first year of the project. Amparo Espinosa Rugarcia, interview by Gustavo Del Angel, Nov. 2006; Bancomer, Informes Anuales, 1969 and 1970, CEEY.

⁶⁰ Ritzer, George, Expressing America: A Critique of the Global Credit Card Industry (Thousand Oaks, Calif., 1995)Google Scholar.

⁶¹ A prelaunch visit was made in 1963 by José María Tobar from the Bilbao to Bank of America. José María Tobar, “Viaje a Estados Unidos e Inglaterra. Informe-resumen ante la Comisión Permanente,” 1 Apr 1966, mimeo, Banco de Bilbao, AHBBVA. Derek Wilde, Barclays general manager, and John Dale, then computer specialist and later head of Barclaycard, visited the credit card operations in California for twelve days in 1965. Ackrill and Hannah, Barclays, 186.

⁶² Batiz-Lazo, Maixé-Altés, and Thomes, Technological Innovation in Retail Finance.

⁶³ Agustín Legorreta Chauvet, interview by Gustavo Del Angel, Mar. 2009.

⁶⁴ D. Churchill, “Growing Demand for Plastic Money,” Financial Times, 20 May 1981, 5; Hall, “Credit Cards.”

⁶⁵ We appreciate the comment by an anonymous reviewer making this point.

⁶⁶ By 1984, a direct computer line between Visa España and El Corte Inglés cleared two million card transactions per year. At the time, similar links were being discussed for the state-owned railway company Renfe, the airline Iberia, and Galerias Preciado. S. Harris, “Rival Groups Locked in Confused Fight for Market Share,” Financial Times, 13 Apr. 1984, 20.

⁶⁷ José Victor Arroyo Martín, “Los origenes de la tarjeta de crédito bancaria en España, 1970–1980,” 2006, mimeo, AHBBVA.

⁶⁸ Check guarantee cards were pioneered in Europe by National Provincial (today part of RBS Group) as a direct competitor of the T&E card in October 1965. Frazer, Plastic and Electronic Money, 249, 64; “New Phase in Britain's Bank Revolution,” Banking, 1 June 1966, 44.

⁶⁹ Harris, “Rival Groups.”

⁷⁰ In the United States, until the 1970 amendments to federal regulations, the credit card industry itself and the legal relationships that it created remained largely unregulated. See Kennedy, Thomas R., “The Plastic Jungle,” Montana Law Review 31 (Fall 1969): 29–50Google Scholar; and John C. Weistart, “Consumer Protection in the Credit Card Industry: Federal Legislative Controls,” Michigan Law Review (Aug. 1972): 1475–543.

⁷¹ Ritzer, Expressing America, 9; Olegario, Rowena, The Engine of Enterprise: Credit in America (Cambridge, Mass., 2016)CrossRefGoogle Scholar.

⁷² Kenneth V. Larkin, “Launching a National Credit Card,” Pacific Banker & Business (1966), 23–24; David L. Stearns, “Automating Payments: Origins of the Visa Electronic Payment System,” in Batiz-Lazo, Maixé-Altés, and Thomes, Technological Innovation in Retail Finance, 246–74.

⁷³ World Bank, “GDP per capita (current US$),” IndexMundi, accessed 10 Dec. 2015, http://www.indexmundi.com/facts/indicators/NY.GDP.PCAP.CD/compare?country=gb#country=gb:us.

⁷⁴ In 2017, the relative value of £10.00 from 1972 ranged from £121.10, obtained by multiplying the Retail Price Index from 1972 to 2017, to £275.90, using income and wealth calculations. Calculations made using “Purchasing Power of British Pounds from 1270 to Present,” MeasuringWorth.com, accessed 9 Nov. 2017, http://www.measuringworth.com/ppoweruk/; and a midmarket rate of £1GBP = US$1.311, according to “XE Live Exchange Rate,” XE.com, accessed 9 Nov. 2017, http://www.xe.com/.

⁷⁵ MMC, Credit Card Franchise Services, 55. Attesting to bankers’ caution is the fact that we found copies of Taylor, H., “The Chicago Bank Credit Card Fiasco,” Bankers Magazine 151, no. 1 (1968): 49Google Scholar, in both AHBBVA (including translation) and Barclays Group Archives, Manchester, U.K.

⁷⁶ Banamex introduced personal loans in the mid- to late 1950s, thus giving some customers a track record. However, the extent to which this information was used in credit card selection is not altogether clear. Agustín Legorreta Chauvet and Rubén Aguilar, interviews by Gustavo Del Angel, Mar. 2009 and June 2004, respectively.

⁷⁷ In 1968 the recommended minimum payment for a wage earner was 600 pesos per month (46 US dollars). Jorge España, mimeo, 1997, Archivo Banamex.

⁷⁸ Banamex, Informes Anuales, 1968, 1969, and 1970, Archivo Banamex.

⁷⁹ Banamex, Informes Anuales, 1970–1982, Archivo Banamex.

⁸⁰ Del Angel, “La paradoja.”

⁸¹ Excélsior 27 July 1969, and Novedades 28 June 1969 both in folio 003201-Banco de Comercio, Archivos Económicos, Fondo Biblioteca Lerdo de Tejada-SHCP, Mexico City.

⁸² Del Angel, BBVA-Bancomer. Bancomer, Informe Anual, 1970, CEEY. Excélsior, 1 June 1970, folio 003201-Banco de Comercio, Archivos Económicos, Fondo Biblioteca Lerdo de Tejada-SHCP, Mexico City.

⁸³ “Tarjeta de Crédito. Información al Presidente,” 6 May 1974, box 351, binder 2, subfolder 01, AHBBVA.

⁸⁴ Unless otherwise stated, the rest of this paragraph borrows freely from “Cometarios sobre evolución de nuestra tarjeta de crédito dentro del sistema BankAmericard en el 1er trimestral 1.974,” 6 June 1974, box 350, binder 2, subfolder 07, AHBBVA.

⁸⁵ Stearns, Electronic Value Exchange, 110.

⁸⁶ In the first quarter of 1974 there were 9,795 withdrawals, or 0.87 percent of the total for non-U.S. banks.

⁸⁷ Santiago Zaldumbide (Banco de Bilbao) to Joao Ribeira da Fonseca (Banco Pinto e Sotto mayor), 12 Nov. 1973, box 193: IBANCO-Comité Internacional – Correspondencia 1973–1974, AHBBVA.

⁸⁸ Reunion Sevilla, 20 Sept. 1973, box 185 (Alta Dirección Ejecutiva), AHBBVA.

⁸⁹ During this process Ernest J. Young, “a sworn enemy of ceding brand name or colors to international licensees,” was appointed to other duties at Bank of America and replaced by Kenneth V. Larkin at Bank of America Service Corporation. “Reunion del Comité Internacional BankAmericard en San Francisco,” 19 and 20 Nov. 1973, box 185 (Alta Dirección Ejecutiva), AHBBVA; Letter from Santiago Zaldumbide (Banco de Bilbao) to Joao Ribeira da Fonseca (Banco Pinto e Sotto Mayor), 12 Nov. 1973, box 193, IBANCO-Comité Internacional – Correspondencia 1973–1974, AHBBVA.

⁹⁰ Reunion Sevilla, AHBBVA. “Duality” resulted from a successful legal challenge by the U.S. Department of Justice. See Stearns, Electronic Value Exchange, 109.

⁹¹ Erik Brynjolfsson, “Kindle-ing Competition,” Digitopoly, 28 Sept. 2011, http://www.digitopoly.org/2011/09/28/kindle-ing-competition/.