Last week, I was driving in a rural area and was only able to pick up one very staticy radio station. Thankfully, the station was airing an interesting show about credit cards. I was unable to find a transcript of the show, so bear with me as I try to remember what I thought was a very interesting little known fact.
According to the radio show Little Known Facts, the biggest increase in credit card use (not in total dollars spent—that has increased over time, but in usage) was way back in 1958. At this time, the IRS changed the way employees and employers were required to report reimbursable business-related expenses. The simplest way for businesses to have a detailed record of expenses was to issue credit cards to their employees.
Coincidently, MMI’s oldest merger partner, CCCS Southwest, was founded in 1958. For more about MMI’s history, visit the ‘About MMI’ section of our website.