Rachel Webster

Did you know that Maya Rudolph's grandpa supposedly came up with the idea for the first credit card? No, I didn't know that.

Did you know that Maya Rudolph's grandpa supposedly came up with the idea for the first credit card? No, I didn't know that.

As the name suggests, the diner's club card was designed for men of the same status and class to literally dine together without the hassle of remembering their wallets. Having a diner's club card was like having a tab at a bar, but fancier.

As the name suggests, the diner's club card was designed for men of the same status and class to literally dine together without the hassle of remembering their wallets. Having a diner's club card was like having a tab at a bar, but fancier.

But they still weren't available to anyone but these rich businessmen. And Donna, being a businesswoman, wanted to flash her fancy credit card with her clients at lunch too.

But they still weren't available to anyone but these rich businessmen. And Donna, being a businesswoman, wanted to flash her fancy credit card with her clients at lunch too.

In order to successfully do her job of finding songs like Working Man, Donna needed to have access to the world of working men. The credit card gave her that access.

In order to successfully do her job of finding songs like Working Man, Donna needed to have access to the world of working men. The credit card gave her that access.

Unsurprisingly, one of the Act's supporters was the credit card industry.

Unsurprisingly, one of the Act's supporters was the credit card industry.

So within a decade... Nearly everyone who wanted a card had one. Or five.

So within a decade... Nearly everyone who wanted a card had one. Or five.

How did it go from people begging to have the right to borrow on cards to this seemingly predatory state of affairs where everyone has more cards than they can count and an ever-increasing credit limit?

How did it go from people begging to have the right to borrow on cards to this seemingly predatory state of affairs where everyone has more cards than they can count and an ever-increasing credit limit?

And like Flashdance and the Cleveland of Donna's radio DJ years, this story is set in the heartland of America. Ooh, a story? Yes, about interest rates. Oh, that sounds boring. No, it's interest-ing. Okay, so there's this bank in Minnesota that has credit cards with a 12% interest rate. Oh damn, that's low. I know. It was capped by their state law. Fascinating.

And like Flashdance and the Cleveland of Donna's radio DJ years, this story is set in the heartland of America. Ooh, a story? Yes, about interest rates. Oh, that sounds boring. No, it's interest-ing. Okay, so there's this bank in Minnesota that has credit cards with a 12% interest rate. Oh damn, that's low. I know. It was capped by their state law. Fascinating.

So one day, people in Minnesota start getting these letters in the mail from a bank in Nebraska promoting credit cards with an 18% interest rate. And people in Minnesota start signing up for them. But wait, that's a higher interest rate. Exactly. Exactly. I don't blame them. Ugh.

So one day, people in Minnesota start getting these letters in the mail from a bank in Nebraska promoting credit cards with an 18% interest rate. And people in Minnesota start signing up for them. But wait, that's a higher interest rate. Exactly. Exactly. I don't blame them. Ugh.

And Nebraska was like, stop acting like you got a losing ticket to the meat raffle because one, we're allowed to send mail. And two, if there's one thing people like, it's getting credit card offers in the mail from Nebraska. Really? Yeah. And that argument, exactly the way I recounted it to you, went all the way to the Supreme Court. Wow. Of the United States of America. What?

And Nebraska was like, stop acting like you got a losing ticket to the meat raffle because one, we're allowed to send mail. And two, if there's one thing people like, it's getting credit card offers in the mail from Nebraska. Really? Yeah. And that argument, exactly the way I recounted it to you, went all the way to the Supreme Court. Wow. Of the United States of America. What?