The Fresno Drop - How Bank of America Forced Credit Cards Down the Throat of a Small Town in 1958

Today we touch upon the interesting subject of being introduced to credit cards.

I discuss how my grandma overspending in the last 1980s was my first introduction to credit cards, and how her use shaped my life going forward. 

Then, I discuss the most interesting Bank of America story I read in a long time. Did you know that Bank of America invented the credit card? Did you know that Bank of America sent 60,000 credit cards with today's equivalent  of $4,000 on them to people who didn't want them, ask for them, or even knew they existed? Did you know they sent them to one small town in 1958 where people weren't as financially savvy as a big city would be? Did you know that although the initial project failed, it led to a world where we OWE BANKS NEARLY 1 TRILLION DOLLARS?

Poor Fresno, CA. They didn't know what hit them. I discuss how the hell something so bizarre in forcing credit onto people led to the way you now bank! It's an interesting listen to say the least. 

Works Cited:

 https://www.washingtonpost.com/archive/lifestyle/magazine/1994/11/04/the-day-the-credit-card-was-born/d42da27b-0437-4a67-b753-bf9b440ad6dc/?noredirect=on&utm_term=.8e14aad763cf  

 http://mentalfloss.com/article/63342/disastrous-story-first-credit-cards 

 https://www.mercurynews.com/2008/09/12/50-years-later-how-the-credit-card-has-changed-america/ 

 https://99percentinvisible.org/episode/the-fresno-drop/ 

Our podcast today is brought to by our friends at KASASA!

Visit KASASA.com for information about a bank in your area that has Kasasa checking, which is free checking where you can earn rewards. Learn more about their awesome products on their website. You won't go wrong! :)

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& Host James B on Twitter @jamesbisright. 

  Books Coming Soon: "The Banker Dude Presents: Beer Money: Banking and Financial Tips for Today's Modern Man"  

"Bank of America Nearly Made Me Homeless (And I Worked There)" Status plus my Complaints book, "The Bank Screwed US"

ALL PROJECTS WILL HAVE A PORTION OF PROCEEDS DONATED TO CHARITY. VISIT http://www.whyyourbanksucks.com/charity for more. 

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