The First Universal Credit Card Was Introduced in 1950: Credit cards originated in the U.S. back in the 1920s, but were issued by individual firms, such as oil companies and hotel chains, to their customers, specifically for purchases made at company outlets. It wasn’t until 1950 that Diners Club founders Ralph Schneider and Frank McNamara issued a card that could be used at a variety of establishments. The Diners Club card sparked the modern credit card era. Others soon followed, such as American Express, which debuted their card of this type in 1958.