Frank McNamara

Frank X. McNamara was an American entrepreneur and founder of Diners Club . He is considered to be the inventor of the credit card .

Life

McNamara founded the Diners Club company together with Ralph Schneider . According to the genesis, McNamara forgot his wallet at a dinner with customers and his wife had to take over the bill. Then he came up with the idea of a payment card to avoid similar situations in the future. The first Diners Card came onto the market on February 28, 1950. In 1952, Alfred Bloomingdale helped him finance his company. McNamara was married. In 1952, Diners Card had annual sales of six million dollars. In the same year McNamara sold his stake in Bloomingdale.

Individual evidence

^ David Sparks Evans, Richard Schmalensee: Paying with Plastic: The Digital Revolution in Buying and Borrowing . MIT Press, 2005, ISBN 978-0-262-55058-1 ( google.com [accessed November 6, 2018]).

personal data
SURNAME	McNamara, Frank
ALTERNATIVE NAMES	McNamara, Frank X.
BRIEF DESCRIPTION	American entrepreneur
DATE OF BIRTH	19th century or 20th century

[1] David Sparks Evans, Richard Schmalensee: Paying with Plastic: The Digital Revolution in Buying and Borrowing . MIT Press, 2005, ISBN 978-0-262-55058-1 ( google.com [accessed November 6, 2018]).