The Social Effects of Credit Cards

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When American Express and the Diners club first launched their idea for a credit card they had no idea how it would affect the rest of the Twentieth Century. It was originally an agreement between a couple of upscale New York City restaurants to give their customers a sort of tab; however, it didn't revolutionize the way we spend money until many years later when the magnetic strip was put on the back. Credit cards are basically an agreement between the cardholder, the store, and the credit card company. …