In 1958, Bank of America mass mailed 60,000 unsolicited credit cards, with a credit line of $500, to residents of Fresno, California. They chose Fresno so that if the plan failed, it wouldn’t get much media coverage. The program was wildly successful and marked the birth of Visa.
In 1958, as an experiment, Bank of America mailed…
In 1958, as an experiment, Bank of America mailed 60,000 residents of Fresno, California a small plastic card with a $500 credit line. Bank of America figured if it failed, there would be no media coverage because it was in Fresno. The experiment was hugely successful and the program became Visa.