Part 4/11:
The launch of the first market-wide credit card in 1958, the BankAmericard, targeted only a limited area in Fresno, California. To increase acceptance, they creatively sent the card to residents without prior notification. This gamble paid off, as the pilot program led to widespread adoption. Unfortunately, the bank later grappled with a staggering delinquency rate that led to significant financial losses. However, these struggles coincidentally carved out a unique opportunity for Visa as competitors hesitated to join the market.