Founded in 1950 by entrepreneur Frank MC Mamaca, The Diners Club was the first plastic payment card and eventually developed into an international credit card. The world's first credit card is a Diners Club, the BIN number at the beginning of the "3" character and the card number of 14 digits belong to the Diners Club organization.
Later rumors are interpreted as follows: One day in 1949, Frank McNamara, president of a new York credit company, hosted a banquet for Alfred Bloomingdale and Snyder at a restaurant in New York. After drinking and eating, Frank McNamara realized that he had not brought his wallet out at all, which made both the guest and the host embarrassed. After McNamara's wife came to pay the bill, an embarrassed Frank discovered the problem with monetary payments, and he had the idea of starting a credit card company.
In fact, according to relevant records, the idea of the Diners Club credit card gradually developed from many conversations between Schneider and McNamara. At the time, Schneider was a lawyer, McNamara was his client and friend, and both were active figures in New York's business community. The two realized that the previous personal credit business needed to be improved, and eventually set their sights on an emerging financial instrument such as the "credit card". As a universal credit card, the Diners Club undoubtedly provides business travelers with a convenient means of payment and record-keeping for meals, lodging, and other items reimbursed to companies.
In the spring of 1950, McNamara and his partner Schneider invested $10,000 to set up diners Club International, the first credit card company in New York, which was later reorganized into the Diners Credit Card Company. The Diners Club implements a membership system, providing members with a card that can prove identity and ability to pay. Initially, they signed acceptance agreements with 14 restaurants in New York City and issued "Diners Club cards" to a specific group of people. Members can use the card to carry out bookkeeping consumption in restaurants, and then the Diners Company will act as a payment intermediary to delay the accounting settlement between the two parties of the consumer. The prototype of the credit card was born.
The main strength of Diners Club is that it has increased its sales in untapped regions and has consolidated the company's strong position in the credit card market. The company has strengthened its position in the international market through reciprocal agreements formed between a large cash exchange network and the ATM network. Da Lai is also a closed, independent bank card organization, and its operating mechanism is very similar to that of Express.
In addition to the basic credit card service bookkeeping/installment service, Diners Club focuses on four additional services:
1. In terms of itinerary, Diners Club supports the full-function opening of 700+ airline lounges.
2. In terms of accommodation, the term of Diners Club is "Elite status and complimentary membership", which means room upgrades and check-in/check-out at any time.
3. In terms of eating and eating, in addition to making reservations and enjoying discounts, Diners are allowed to enter the kitchen and wine cellar to visit (gimmicks are sufficient but attractive to be discussed)
4. Default to various insurance and medical rescue services, telephone doctors.
In addition, the official website of Diners records all supported airline lounges/inns/restaurants for easy searching.
In May 2022, China Construction Bank announced that it would no longer provide Diner's Club (also known as Diners Club) acquiring services as of June 20, 2022.
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