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World Club Card: No Need to Spend Time On Trifles

What is Diners Club®? It is not a simple charge card, indeed. It is a brand name that has gained general respect and recognition, and which, it could be said, the history of credit cards has started from – all around the world.

 

By the way, this start has been conditioned by an amusing case that occurred in 1949. Frank X. McNamara, American businessmen and director of Hamilton Credit Corporation, Co., had supper in a restaurant in the New York, and suddenly discovered that he has forgotten his wallet in another jacket. He had to telephone his wife and ask for bringing money. As a result of such an awkward situation, promising idea has born concerning creation of a club uniting restaurant’s’ habitués. Such club was created, and it was called Diners Club. And in 1950 first universal charge card in the world was introduced - Diners Club. McNamara visited the same restaurant once again, with his partner Ralph Schneider, and paid for supper by a small cardboard card. At present, it is well-known as Diners Club Card all around the globe. This event, which has gave people a new financial instrument, entered into history as First Supper, i.e. the supper, which, for the first time in the world, was paid by the charge card.

So, the aim of this invention is to give client a possibility not to restrict himself with cash money that he has at this moment. Club gives clients charge card for paying bills in restaurants which have signed agreement with the club. Club serves as guarantee in the matter of its members’ obligations before commercial partners, and pays for given bills. Once a month, Club members receive full excerpt about transactions that have been made, and pay total sum to Club within two weeks. At the same time, Club’s partner must bear part of operational expenses (card increases his earnings, and there is no risk), for which the commission payment is brought in (from 5 to 7 percent of total sum paid for goods); seller who accepts the card pays commission to issuer. Besides, there is annual duty for card emission and service, in the amount of $ 5.

Diners Club Company’s activity began on January 28, 1950, with initial capital in the amount of $ 75,000. One year later company already had 42,000 clients, and its cards have been accepted in 285 restaurants in U.S. major cities. In 1953, Diners Card became the first charge card with international acceptance network: apart from the USA, businesses in the U.K., Canada, Cuba, and Mexico began honoring Diners Club. In 1955, franchise network begins to stretch across the globe, including Europe, Asia, and Middle East. At the same year, DCI was listed on the American Stock Exchange.

In 1958, Diners Club runs its first major television advertising campaign as a sponsor of the New York Giants football team. Diners Club entered the travel market when travel agencies in major cities agreed to accept the card for purchase of airline, steamship and cruise tickets.
In 1959, cardmembers’ quantity reached one million and over. And Diners Club was listed on the New York Stock Exchange (NYSE).
In 1967, it was possible to make payments with Diners Club card already in 130 countries – more than the United Nations’ member countries were that year.
In 1969, Diners Club becomes the first charge card in the Soviet Union.
In 1974, new remarkable achievement took place: five out of every six credit card-carrying foreigners, visiting the U. S., were using Diners Club cards.
In 1980, Diners Club became the first charge card used in the Chinese People’s Republic.
In 1981, Citibank, member of the CitiGroup Corp., bought Diners Club's control packet of shares.
Since 1987, Diners Club cardmembers can access cash through ATMs worldwide through Club Cash Program.
In 1990, Diners Club offered the first multinational corporate card program. At the same year, Life Magazine named Frank McNamara one of the 100 most influential Americans in 20th century.
In 1996, Diners Club International launched its Web site: www.dinersclub.com.
In 2003, a new global campaign is launched, named Card Is Key, addressed to business travelers.

Since 2004, Diners Club has actively cooperated with the MasterCard international payment system. Diners Club’s plastic cards issued in the USA and Canada got MasterCard’s logotype and 16-unit account number. And now they can be used in every service point that accepts MasterCard charge cards.

According to the bargain concluded on July 1, 2008, Discover Financial Services, which is considered one of the most authoritative financial players in the USA, bought Diners Club International from Citibank for $ 165 million. Cardmembers received privileged access to more than 130 airport lounges around the world. Jointly with PULSE, Diners Club International builds a global cash network at www.dinersclubcash.com.

In 2011, Diners Club International and Russkiy Standart Bank, Russian Federation, signed the exclusive agreement on cooperation in the area of Diners Club cards emission and servicing in Russia and Ukraine. Since 2012, Russkiy Standart issues Diners Club Exclusive and Diners Club Premium cards in Russian Federation.

Diners Club card has been created almost sixty five years ago. A lot of things have been changed since 150 till now. However, the main principle remains the same: packet of many-sided advantages created on the assumption of interests of the most fastidious clients will be always accessible for Diners Club cardmembers. At present, Diners Club cards are acceptable in 185 countries, 500 airports, over one million ATMs, and millions of commercial and servicing centres all around the world.

It might be verified that Diners Club really has made a revolution in the area of payments for goods and services being made by consumers and companies. Diners Club is a special club for persons who value reliability, experience and reputation of the first charge card in the world.