A year later, Sears abandons its cash-only policy and starts installment selling for fear of losing business. 1914 Western Union and some department stores issue the nation's first charge cards, letting people pay for purchases at month's end. 1919 General Motors launches the General Motors Acceptance Corp. to help buyers finance car purchases. Ford waits until 1928 to counter, allowing GM to gain market share. Three of every four automobiles purchased in the United States are bought on credit.
Auto loans make up more than half of all retail installment credit.
The Diners' Club introduces its travel and entertainment card, the first card that can be used at more than one retail establishment. 1958 American Express introduces its charge card. Bank of America begins licensing BankAmericard to other banks. Rival banks respond by forming the Master Charge group. President Nixon bans mass mailings of unsolicited credit cards, forcing banks to ask customers if they actually want a card before delivering one.