[Vella Gonzaga]

Australia’s first credit card​

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Image credits: CBA

Remember when Bankcard arrived in Australia in 1974? Back then, cash was king, from getting paid to settling bills. Bankcard changed the game, making it easier to make payments with a card instead of cash. Fast forward to today, card payments have become the norm! Do you remember getting your first credit card? Share your memories in the comments below.

 

[Benny's Light]

I was 16 when I got my bankcard. I had a part time job, still at school and had a $100 limit. It was great to use to make purchases. I have never spent more than I could afford and to this day have never been charged interest. My parents believed that having this would teach me some responsibility and give me independence. It was also a good way to build responsibility and prepare me for a house loan showing the bank that I could manage a credit card and pay back on time which would translate to a mortgage management. It worked!

 

[Littleboy8]

I was 16 when I got my bankcard. I had a part time job, still at school and had a $100 limit. It was great to use to make purchases. I have never spent more than I could afford and to this day have never been charged interest. My parents believed that having this would teach me some responsibility and give me independence. It was also a good way to build responsibility and prepare me for a house loan showing the bank that I could manage a credit card and pay back on time which would translate to a mortgage management. It worked!

Same here and my myercard as well

 

[Mrtnst]

I remember that it was the excuse for companies to stop paying workers in cash.

The banks promised that they would NEVER charge us fees and ALWAYS pay interest.

Because it was OUR MONEY.

Plus they would give us FREE credit, providing we paid within the 55 day interest free period, and we could ALWAYS get out our cash whenever we wanted it.

Years later they accused people who always paid their card off within 55 days of RATING the system.

So the government allowed them to charge annual fees, despite their huge profits.


Now they don't pay interest, charge all sorts of fees and don't want to give us cash at all.