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Traveling Teutonic
Knights Used Signet
Rings In Lieu Os Cash
The credit card, that magical
little piece of plastic rectangle
which can open vistas of ex
otic travel, gourmet dining and
countless other pleasures of
life without the necessity of
spot cash is not, as one might
believe, an outgrowth of mid
twentieth century life.
The credit card, or at least
the Idea and conception of
"travel now, pay later," Is
centuries old.
The practice seems to have
had Its beginnings In medieval
Germany where carrying coln
of-the realm or, indeed, any
kind of valuables down the
country’s dark, heavily fores
ted roads was done strictly at
one’s own risk. It remained,
therefore, for the Teutonic
Knights travelers and con
querors of considerable re
known to Introduce what
for those days has to be con
sidered both a stroke of genius
and a practically foolproof
measure. Designing special
signet rings engraved with
their personal coats of arms,
the Teutonic Knights wore the
Impressive ornaments when
ever and wherever they tra
veled.
No slouches when It came
to personal convenience in
volving money matters, thej
registered each ring with the
artisan who created It and
provided Innkeepers near and
far with a master list of each
knight's respective insignia.
After a significant amount of
credit had been extended, Inn
keepers would present a bill
for the total amount at the
castle or fortress. Knights
were thus able to travel hither
and yon while carrying only
a minimum of coinage and
valuables. Sound familiar?
NEW MECHANICS
SAME PRINCIPLE
The awkward mechanics of
credit usage have undergone
numerous refinements since
the days of the dim past when
knights were bold, but the
underlying principle of that
early system survives tuday
Credit cards were first Is
sued back in the 1920’s In de
partment stores and oil com
panies. Those cards were being
used primarily as a merchan
dising Instrument to build
brand loyalty to the oil com
pany or to the department
stores.
The Travel and Entertain
ment card (T*E), introduced
first by Diners Club In 1950
and then by American Express
and Carte Blanche, added a
third party to the growing
card acceptance.
For an annual fee, the card
member In effect opened a
large number of charge ac
counts' all over the country
with a single application. Par
ticipating restaurants, hotels
and motels and other firms
gained the competitive muscle
of the card issuer and were
relieved of the credit risk. For
this service the T Si E com
pany charged a discount fee.
For the “T Se E’’ card, mem
bership Is by application only
and requires a rigid credit In
vestigation and payment of a
sls a year fee. Additional cards
for the member’s wife or
others to use cost $lO a year
each.
With the “T&E” card there
Is the comforting assurance
that as soon as you display It,
you are nowhere a stranger . .
be It Peoria or Par's, Lenin
grad or Lime.
“Our card Is better than a
letter of credit,” said Brooks
Banker, Executive Vice Presi
dent of American Express and
General Manager of the Card
Division.
Then there are "private
label” cards, such as those
that the oil companies, the
airlines, hotels, auto rental
agencies offered cost free to
their customers. Usage of the
"private label” cards Is usually
limited to their services.
Revolving credit cards fall
into two sizeable categories:
(1) "Family Service” credit
cards; (2) "Bank Cards” which
have begun to flourish in a
thousand cities.
Both are primarily deferred
payment plans, usually con
fined to a single region. The
issuing credit card company
receives from the customer
l'/j percent service charge on
his outstanding balance every
month. If he pays his entire
bill within 25 days, no charge
Is required. Merchant estab
lishments that honor revolving
credit cards are, In general,
local retail stores, popular
priced chains and major dis
count houses.
The ability to travel, dine,
lodge and purchase myriad
goods and services without
having to carry large amounts
of cash has become more than
a mere convenience. With
Americans, It is away of life
and fast becoming a very ma
jor factor in our economy.
American Express's 3,500,000
cardmembers are proof of
that trend.
Nineteen seventy-one and
the years ahead will be a time
of travel opportunity when
more people than ever before
will seek the new and unus
ual Os course, they won’t Just
be traversing the forbidden
medieval roads. They'll be ex
ploring Asia, Latin America,
Europe, the Caribbean and the
Pacific In a world growing
smaller dally through high
speed transportation. "In that
world of sophisticated travel,”
Mr. Banker said "American
Expre«« will continue to of
fer every conceivable Tn. 1
and Financial Service.”