Barclaycard celebrates 40th birthday

June 29, 2006

Barclaycard has today marked the 40th anniversary of its establishment and of the beginnings of the credit card in the UK.

The company now claims to be the most popular consumer credit card in the UK with over 11 million cardholders domestically and more than four million worldwide.

It adds that credit cards have now changed the "social and economic landscape" of the UK and that plastic is now the favourite method of payment in Britain.

Furthermore, credit is now a very important aspect of the economy, according to Barclaycard, as it attracts inward investment and is instrumental in balancing out the peaks and troughs that the UK markets experience.

When Barclaycard was first launched, it had a maximum limit of £100 and was mainly used for items such as holidays and electrical goods, whereas now most customers use a card to borrow short-term and purchase a large variety of items.

Antony Jenkins, chief executive of Barclaycard, said: "The UK and the credit card market in particular are very different now compared to 1966.

"Our challenge as a company and as an industry for the next 40 years is to continue to evolve responsibly and develop new products and services tailored to the next generation of credit card users."