It's time to flashback with Michael Snack.

It's time to flashback with Michael Snack.

Good morning to you.

Good morning to you.

Michael, Good morning, Will and David. On Flashback. This week we are celebrating fantastic plastic, not in terms of platters that matter or stats of wax, but credit cards. Because it's fifty years since Australia's first credit cards. We introduced the bank card. Do you remember those?

Michael, Good morning, Will and David. On Flashback. This week we are celebrating fantastic plastic, not in terms of platters that matter or stats of wax, but credit cards. Because it's fifty years since Australia's first credit cards. We introduced the bank card. Do you remember those?

Oh?

Oh?

Yeah, absolutely, Mum and Dad had a bank card. I can remember the amusing it at the Arkaba steak seller on a Friday night. It was quite the novelty.

Yeah, absolutely, Mum and Dad had a bank card. I can remember the amusing it at the Arkaba steak seller on a Friday night. It was quite the novelty.

You had to fancy places for a family peace David.

You had to fancy places for a family peace David.

Only on special occasions.

Only on special occasions.

It came about because nine Australian banks got together in nineteen seventy four. But it really revolutionized things because think about going shopping. Before the credit card, you had to go to a bank between nine and three Monday to Friday to withdraw cash or of course you get paid by check, but if you wanted any sort of form of credit you had to take out a personal loan. So this revolutionized the way people went shopping. Prior to that, if you were a rich businessman and regularly went to the Arkabad steakhouse, you might have had a diners Club card or an American Express, But this really democratized credit. About a million of the bank cards were issued within about eighteen months. The average credit limit in the early days was about three hundred bucks. Have to listen to this Channel seven reporter explaining to people how they worked with those old quick clack machines.

It came about because nine Australian banks got together in nineteen seventy four. But it really revolutionized things because think about going shopping. Before the credit card, you had to go to a bank between nine and three Monday to Friday to withdraw cash or of course you get paid by check, but if you wanted any sort of form of credit you had to take out a personal loan. So this revolutionized the way people went shopping. Prior to that, if you were a rich businessman and regularly went to the Arkabad steakhouse, you might have had a diners Club card or an American Express, But this really democratized credit. About a million of the bank cards were issued within about eighteen months. The average credit limit in the early days was about three hundred bucks. Have to listen to this Channel seven reporter explaining to people how they worked with those old quick clack machines.

When an item is purchased, the dealer imprints details on carbonized paper and the sum involved is debited to the customer's account and then accumulated on a monthly basis. At the end of the accounting period, a statement is issued which gives the cardholder some twenty five days to make full payment. Interest on the remaining amount will be charged at the rate of one point five percent per month. There's no fee when you get a bank arm, and there are no annual charges for having one.

When an item is purchased, the dealer imprints details on carbonized paper and the sum involved is debited to the customer's account and then accumulated on a monthly basis. At the end of the accounting period, a statement is issued which gives the cardholder some twenty five days to make full payment. Interest on the remaining amount will be charged at the rate of one point five percent per month. There's no fee when you get a bank arm, and there are no annual charges for having one.

Having things changed, It's almost impossible to get a credit card these without some sort of annual fee. And though that click clack sound sort of became ubiquitous in stores across Adelaide, I think some of the retail workers used to describe those machines as knucklebusters, because you get it triplicate, there'd be a copy for you one for the store and one for the bank. It was very successful for a long time until Visa and MasterCard entered the Australian market, the big difference being that bank Gard could only be used in Australia and later at New Zeala that couldn't be used internationally, so that's where Visa and MasterCard really took over and Bankard ultimately declined in two thousand and six, but a very successful Australian owned and made credit card for more than twenty years.

Having things changed, It's almost impossible to get a credit card these without some sort of annual fee. And though that click clack sound sort of became ubiquitous in stores across Adelaide, I think some of the retail workers used to describe those machines as knucklebusters, because you get it triplicate, there'd be a copy for you one for the store and one for the bank. It was very successful for a long time until Visa and MasterCard entered the Australian market, the big difference being that bank Gard could only be used in Australia and later at New Zeala that couldn't be used internationally, so that's where Visa and MasterCard really took over and Bankard ultimately declined in two thousand and six, but a very successful Australian owned and made credit card for more than twenty years.

It was revolutionary, wasn't a Michael, Because up until then the only way you could sort of if you didn't have the money or you knew you were about to get paid in two weeks time with something, but layby was all to go, wasn't it.

It was revolutionary, wasn't a Michael, Because up until then the only way you could sort of if you didn't have the money or you knew you were about to get paid in two weeks time with something, but layby was all to go, wasn't it.

Well, that's right. Leavo was very successful and I guess the idea of having credit for twenty five in some cases up the fifty five days interest free was revolutionary. Although you might remember the height of interest rates in the late eighties you were paying something like twenty five percent interest if you didn't clear your bank card debt, so they were expensive to use if you didn't pay them off, but fee free initially and hugely successful.

Well, that's right. Leavo was very successful and I guess the idea of having credit for twenty five in some cases up the fifty five days interest free was revolutionary. Although you might remember the height of interest rates in the late eighties you were paying something like twenty five percent interest if you didn't clear your bank card debt, so they were expensive to use if you didn't pay them off, but fee free initially and hugely successful.

Yeah, amazing, incredible.

Yeah, amazing, incredible.

Thank you, Michael Michael Smith for seven years Flashback seven segments seven on Sunday Night from six o'clock Shells. I was just thinking, has there been has there been a fifty year period in human history where more has changed? So if you're a human bank that's over the age of fifty, you remember a time before the credit card before let alone talking about the absence of physical banks these days and physical money.

Thank you, Michael Michael Smith for seven years Flashback seven segments seven on Sunday Night from six o'clock Shells. I was just thinking, has there been has there been a fifty year period in human history where more has changed? So if you're a human bank that's over the age of fifty, you remember a time before the credit card before let alone talking about the absence of physical banks these days and physical money.

And now it's Thomas fun time.

And now it's Thomas fun time.

Before you go cards.

Before you go cards.

I want to get some the mouth glasses from Wheel and Barrow. I'm going to order eight of them now and I'm going to hit ping and it's going to scam the card in and Tuesday a bloke will be standing on the yea.

I want to get some the mouth glasses from Wheel and Barrow. I'm going to order eight of them now and I'm going to hit ping and it's going to scam the card in and Tuesday a bloke will be standing on the yea.

But you could do that. You could order wines from chilling and it will be on a tanker and you've done nothing but push a button.

But you could do that. You could order wines from chilling and it will be on a tanker and you've done nothing but push a button.

Hmm. Like it's phenomenal.

Hmm. Like it's phenomenal.

It's staggering. Think about the long history of commerce in humanity, how much it didn't change up until about fifty years ago, probably sixty seventy years ago, probably the middle part of the twentieth century. It was the same for a thousand years.

It's staggering. Think about the long history of commerce in humanity, how much it didn't change up until about fifty years ago, probably sixty seventy years ago, probably the middle part of the twentieth century. It was the same for a thousand years.

Thank you by Donald Trump, Crypto trading

Thank you by Donald Trump, Crypto trading

Cards, David Penberthy and Will Goodings sixty nine five Double A Breakfast

Cards, David Penberthy and Will Goodings sixty nine five Double A Breakfast