Joseph P. Williams
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Joseph P. Williams (February 2, 1915 – November 8, 2003) was the creator of the
Early life
Williams was born in Newark, New Jersey. He attended the University of Pennsylvania and served as an infantry officer in the United States Army during World War II.[1]
Career
As an admirer of A.P. Giannini's aggressive banking approach at the Bank of America, he drove to San Francisco after completing his military service and approached Giannini for a job at the bank.[1]
In 1958 the bank sent 60,000 BankAmericard offers to residents of Fresno, California, followed by Bakersfield, California with two million more offers sent statewide in the subsequent 15 months, marking what was called by The New York Times as "the official dawn of the bank credit card". The cards had preapproved credit lines ranging from US$300 to US$500 and floor limits of US$25 to US$100.[1]
Resentment from merchants and customer delinquencies started almost immediately, and Williams left Bank of America two months before the bank's statewide rollout was complete. The bank lost almost US$9 million in just over a year after the cards were introduced.[1] More than 20% defaulted on payment ... a blip (in total revenue).[3]
During the
He formed the Uni-Serve Corporation in 1962 and bought the credit card operations from
Death
Williams died at age 88 on November 8, 2003 at his home in Atlantis, Florida.[2]
See also
- Banking in the United States
- Credit
- MasterCard
References
- ^ a b c d e f g Martin, Douglas. "J.P. Williams, 88, Bank Card Creator, Dies", The New York Times, November 21, 2003. Accessed January 18, 2009.
- ^ a b Oliver, Myrna of the Los Angeles Times. "J.P. Williams, who developed first bank credit card, dies at 88", The Seattle Times, November 30, 2003. Accessed January 18, 2009.
- ^ History 101. 1.3: "Credit Cards". August 25, 2022. Event occurs at 5:00 min.
But whoops, more than one in five people with the new card never pay back what they owe. ... a blip.