Topic and instruction , see below my instruction file Research Paper

Topic and instruction , see below my instruction file - Research Paper Example Although the previous cards were still considered as credit cards, the first true credit cards were developed after Second World War (Arnold 1-5; Mudd 48-50). John Biggins developed the first bank credit card in 1946 while he was working at Flatbush National Bank of Brooklyn. Different organizations contributed in developing the various aspects of the credit card. However, credit card became popular in the 1950s when companies such as American Express and Bank of America developed their credit cards. The credit card was used to enable customers purchase goods and services and pay for them in regular intervals. Moreover, the card enabled banks to offer short-term credit. Additionally the card could allow user to make non-cash purchases while in different locations. Initially, travelers mainly used the credit cards (Arnold 3-5). For credit cards to be successful, a regulatory environment was necessary. Such regulations included the regular validation of the credit card by the vendor. Moreover, the terms of payment had to be clearly stated. The customers had to provide their contact information and billing address (Arnold 2-7). Although credit card companies earn quite a large sum of money from interests, they still adopt dubious tactics to increase their profits at the expense of customers. One such trick is encouraging their customers not to pay their interest in time and use more credit so that they can penalize them. This enables them to increase their late and over the limit fees. The late and over the limit fees have thus grown rapidly. Additionally, some credit card companies provide insurance programs, dishonest marketing promotions, and other universal default policies to solicit money from their customers. Such malpractices include unfair billing and use of blatantly tactics (Whitney 48) There are some credit card abuses, which can be found in learning institutions such as colleges and campuses. Although the laws in