Famous as the world’s first credit card, the Diners Club Card was first used on the 8th of February, 1949 by Frank McNamara, Ralph Schneider and Matty Simmons, and the first transaction occurred at Major’s Cabin Grill. These three people constituted the Diners Club, and the card was originally intended to be used exclusively in restaurants instead of having to carry cash. Legend has it that the idea of inventing the card occurred to Frank McNamara when he dined at a restaurant, and at the end of his meal discovered that he was not carrying sufficient cash to pay for said meal. The Diners Club card was initially released as a charge card not a credit card, and the cardholder was obliged to pay the entire amount owed to Diners Club.
The Diners Club was focused on a niche card market created by them that is commonly known as the T&E or Travel and Entertainment market. This market consists of individuals who had access to substantial funds whose lifestyles or work demanded extensive travel. Other competitors to the Diners Club in the T&E segment were the American Express and Carte Blanche.
In 1981 Citibank (part of the Citigroup of companies) took over Diners Club International, and they now own the rights to the Diners Club trademark. Having said this, there are many franchises of the Diners Club International that still continue to be independently owned.
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