Diner's Club
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| Subsidiary of Discover Financial | |
| Industry | Finance |
| Founded | 1950 |
| Founder | Frank X. McNamara Ralph Schneider Matty Simmons Alfred Bloomingdale |
| Headquarters | Riverwoods, Illinois, United States |
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Area served
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Worldwide |
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Key people
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Eduardo Tobon (President & CEO) |
| Products | Charge and Credit cards |
| Parent |
Discover Financial Bank of Montreal (North American operations) |
| Website | www |
Diners Club International (DCI), founded as Diners Club, is a charge card company owned by Discover Financial Services. Formed in 1950 by Frank X. McNamara, Ralph Schneider, Matty Simmons, and Alfred Bloomingdale, it was the first independent credit card company in the world, and it established the concept of a self-sufficient company producing credit cards for travel and entertainment. Diners Club International and its franchises service individuals from around the globe with operations in 59 countries.
The idea for Diners Club was conceived at the Majors Cabin Grill restaurant in New York City in 1949. Diners Club cofounder Frank McNamara was dining with clients and realized he had left his wallet in another suit. His wife paid the tab, and McNamara thought of a multipurpose charge card as a way to avoid similar embarrassments in the future. He discussed the idea with the restaurant owner at the table, and the following day with his lawyer Ralph Schneider and friend Alfred Bloomingdale.
McNamara returned to the same restaurant the following February, in 1950, and paid for his meal using a cardboard charge card and a signature. The story became well-known, Diners Club official history referring to this meal as "The First Supper" even though, as stated following, some disputed accounts refer to it actually having been a lunch, and is credited by historians as the beginnings of contemporary credit. Various versions of the story differ about whether it was a lunch or dinner at which McNamara forgot his wallet, and whether the bill was paid on loan or McNamara waited for his wife to drive his wallet to him. Some journalists later credited Alfred Bloomingdale with the idea for Diners Club.
McNamara and his attorney, Ralph Schneider, founded Diners Club International on February 8, 1950, with $1.5 million in initial capital.Alfred Bloomingdale joined briefly, then started a competing venture in California before merging his California-based Dine and Sign with Diners Club. Diners Club International was named for being a "club of diners" that would allow patrons to settle their bill at the end of each month through their credit account. When the card was first introduced, Diners Club listed 27 participating restaurants, and 200 of the founders's friends and acquaintances used it.
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Wikipedia