For most of us, memories of the first job include opening a new savings account and waiting for the first-ever credit card. Credit cards offer a world of privileges and value-added services, making cardholders feel empowered and important. Purchasing products and services without paying for them right away has an allure that cannot be matched by immediate cash payments.
Buying goods on credit has been a part of trade from the early times. As the society evolved with inventions, credit coins and medals came into existence, helping business owners recognize customers who made credit purchases. Over time, metal credit tokens transitioned into highly secure and compact plastic cards, which people now equate with …