The invention of the modern credit card by Alfred Bloomingdale, Frank McNamara and Ralph Snyder in 1949 sparked a great debate about the invention from people of the time, helped and even put people in debt, and increased the amount of Credit Acts in Congress. The invention of the credit card is now America's primary source of payment and an essential element of daily life. In the spring of 1949, Alfred Bloomingdale, Frank McNamara, and Ralph Snyder came up with a new design for a modern type of credit card. One day, while out to lunch in New York, New York credit card company president Frank McNamara forgot his wallet at home (Evans 53). He had a thriving business but at the time credit cards were only given to select people. For this reason the first modern credit cards were introduced by Diners Club Inc.. The modern credit card is a small rectangle of plastic, more than three inches. There is an account number and name embroidered on the front. The first credit cards didn't look much like they do today. They were made of paper, not plastic, and they were not cards, they were much like a small booklet that contained all the same information that the modern credit card has today (Weiss 38). The modern credit card can carry up to a $200 line of credit, meaning you can buy anything you want at a certain time and pay it off at a later date, such as months or a year after that time. Some companies require immediate payment of the entire amount charged to the card, while others allow you to pay in small amounts. To apply for the credit card you must be at least eighteen years old and if you are not you must have the application documentation signed by an adult. First... in the center of the card... a chocolate bar. These thin wallet-sized magnetic strips are the keys that open bank vaults, ATMs and any ATM around the world. Credit cards have become important sources of identification by storing the cardholder's name and number on a thin card. Today there are many card holders such as American Express, Discover, Master Card and Visa. These companies face customers all over the world. These thin, wallet-sized cards are part of the daily lives of most Americans, and some people rely heavily on them. If you find yourself in a situation where you don't have cash, all you have to do is use your card and pay it off later. Since many Americans say "I'll charge it", this has become a worldwide saying. The modern credit card was invented many years ago and will continue to be used for many years to come.