【一起听英语】信用卡

 信用卡是什么时候投入使用的呢？

Dan: Hello, I’m Dan Walker Smith and this is 6 Minute English from the BBC.

Today I’m joined by Kate. Hi Kate.

Kate: Hi Dan.

Dan: Now Kate, today we're talking about credit cards. So could you please tell me

what those are?

Kate: Sure. Well, credit cards are the plastic cards we use instead of money. You

can use credit cards to pay for items in shops or to take out cash; that is money

in its physical form, such as coins or notes.

Dan: So this week's question for you Kate is: In what year was the first ever credit

card introduced? Was it:

a) 1951

b) 1955

c) 1962

Kate: That's an interesting question. I had no idea they even went back as far as

1962. I thought they were much more recent than that. So in that case I'm

going to go for c, 1962.

Dan: OK, we'll see if you're right at the end of the programme. 

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Kate: Now one of the obvious advantages of using a credit card is that it's often more

convenient than carrying cash. If something's convenient it means it's easier

generally or more suitable.

Dan: As you're not using actual money, some people say that credit cards can

encourage you to spend more than you can really afford, and you could fall

into debt. Could you explain what that means Kate?

Kate: Of course. Well the word debt, spelt D-E-B-T, is when you owe money to

someone else.

And unfortunately credit cards often mean that people build up an awful lot of

debt. So they're often not a terribly good idea. Have you ever had a credit card

Dan?

Dan: I have what they call a debit 1 card, so I never accumulate money. I just pay off

what I already have, and I'm never in debt to anyone.

Kate: Well that's very sensible. I think credit cards can be a very good idea if you're

travelling or if you're abroad, and you're a bit worried about not being able to

get money out of the cash machine. But then unfortunately by the time you get

back to your own country you've run up lots of debt on your credit card, which

you have to pay off.

Dan: That's the thing; they're good for emergencies, but maybe you don't want to use

them for everyday life.

OK, let's listen to the British journalist Mark Flint, as he explains why credit

cards became so popular.

Kate: You'll hear the expression that credit cards were 'catching 2 on'. To catch on in

this context means to become popular. 

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Dan: And listen out for the word convenience, which, means that the people found

the cards convenient. As we heard before, if something's convenient it can

save you time and effort.

So if credit cards were popular with bank customers because of their

convenience, why were they so popular with the banks?

Extract 1

By the early 70s the credit card was catching on quickly. Consumers liked the

convenience and banks liked the profits.

Kate: Aha, so while the customers liked the convenience of a bank card, the banks

liked the profit, unsurprisingly. The profit is the amount of money that they

were making.

Dan: Banks make profit from credit cards by charging interest each month on the

unpaid 3 debts.

Kate: And the word interest here is the term we use for a fixed 4 fee that you pay

when you borrow money. It's usually a percentage of the total amount. And

debt, remember, is when you owe someone money.

OK, so let's have a listen to the next extract. The speaker talks about cash

machines. These are machines where you can take out money – or cash –

using your credit card. They're also called ATMs, which stands for

Automated 5 Teller 6 Machine.

Dan: Can you tell me when the world's first cash machine was installed? 

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Extract 2

People were slowly getting used to plastic money, which would eventually be crucial to

another banking 7 revolution: cash machines. The world's first ATM was installed in a

Barclay's branch in London in 1967, but it was quite a complex transaction.

Kate: Right, so the first ATM in the world was installed in 1967. It was opened at a

branch of Barclay's Bank in London. Here branch means a division of a

larger organisation 8. So the branches of a bank are smaller divisions of the

whole company.

Dan: The speaker also used an interesting term: plastic money. Of course, he

doesn't mean that the money itself is plastic, but that you're using a plastic card

instead of actual cash.

Kate: And we also heard the word crucial. Crucial here means something vital or

important. So when the speaker says cash machines were crucial to the

banking revolution, he means that they were very important to the development

of how we handle our money.

Dan: OK, we’re almost out of time, so let’s go over some of the vocabulary we’ve

come across today:

credit card

cash

convenient

debt

to catch on

profit

interest

cash machine

ATM

branch

crucial 

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Dan: And let's go back to today's question: In what year Kate was the first ever

credit card introduced?

Kate: And I made a complete guess, because I thought the 50s were a bit too early to

have credit cards. So I went for 1962.

Dan: And for the first time in a number of weeks Kate, you're wrong.

Kate: Oh dear.

Dan: In fact, credit cards were introduced in 1951.

Kate: Gosh, I find that really surprising. I had no idea that they had credit cards that

early on, in the early 50s.

Dan: Well actually, the story goes that in 1949 Frank McNamara, who was head of

the Hamilton Credit Corporation, was having supper with his lawyer and a

friend in a New York restaurant.

And at the end of the meal he realised that he'd forgotten his wallet; he couldn't

pay for the meal, so he had to ring his wife to bring him some money.

Kate: Poor old wife!

Dan: So he was so embarrassed by this that he decided 9, with his fellow diners, to set

up the Diners' Club credit card, so that you could pay for meals without

needing any money.

Kate: Ah, so that was the first credit card. 

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Dan: Well if the story's true. I'm not entirely 10 certain whether there's any truth to it

 entirely, but it's a nice story.

Kate: It is a nice story, and it's interesting just to see how the idea of the credit card

first emerged.

Dan: So from all of us here at BBC Learning English, thanks so much indeed for

listening, and goodbye!

Kate: Goodbye!