29th June 1966, Birmingham
The launch of Europe’s first credit card sparks a revolution in banking.
When Barclays launched Europe’s first ever credit card on the 29th of June 1966, more than 1 million people had already signed up. But the rest of the industry seemed to be caught napping and Barclaycard remained the only credit card in Britain until 1971.
At the time of its launch, only half of the country’s population had bank accounts and there was no easy availability of credit. Barclaycard suddenly made easy access to money both a reality and acceptable to society.
Looking back, plenty has changed in the 50 years since. Local bank managers would personally approve clients for credit and each transaction had to be authorised over the phone. With all that red tape, there was little chance of early Barclaycard holders indulging in the kind of Saturday afternoon splurge you see today.
And now, the future of the credit offering at Barclaycard is just as exciting. With a combined Oyster and credit card being launched in London, technology is taking the lead. The Barclaycard OnePulse could also spell the end of cash, allowing you to pay for purchases under £10.
