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Origins Of The First Credit Card
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Who devised the first credit card? Answer a secret medieval society calling themselves: The Knights Templars. They originated as a small band of warrior monks. Whose mission was to guard pilgrims wishing to visit Jerusalem. Little was heard of the Order for their first nine years. In 1128 though, they started to become very well-known in Europe. They went on a fundraising campaign, asking for donations of money, land, or noble-born sons to join the Order, with the implication that donations would help both to defend Jerusalem, and to ensure the charitable giver of a place in Heaven. The mission of most of the members was one of support to acquire resources which could be used to fund and equip the small percentage of members who were fighting on the front lines. Because of this infrastructure, the warriors were well-trained and very well-armed. Even their horses were trained to fight in combat, kicking or biting the enemies. Combined with massive grants from the Pope, the Order''s financial power was assured from the beginning. Since the Templars kept cash in all their chapter houses and temples, it was natural that in 1135 the Order started lending money to Spanish pilgrims who wanted to travel to the Holy Land. By 1150, the Order''s original mission of guarding pilgrims had changed into a mission of guarding their valuables through an innovative way of issuing letters of credit, an early precursor of modern banking. Pilgrims would visit a Templar house in their home country, depositing their deeds and valuables. The Templars would then give them an encrypted letter which would describe their holdings. While travelling, the pilgrims could present the letter to other Templars along the way, to "withdraw" funds from their account. This kept the pilgrims safe since they were not carrying valuables, and further increased the power of the Templars. In a nutshell this was: The Origins Of The First Credit Card. And the beginnings of Globalization.
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Published: March 30, 2007
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