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According to legend, in 1949 McNamara was dining with friends at the Major Cabin Grill in New York City. He finished his meal, but when the bill came he realized he had forgotten his wallet. His called his wife and she rescued him from the sticky situation, but he vowed never to be caught short again. To solve this problem, he created the Diners Club, and one year later, McNamara returned to the Major Cabin Grill with a small card made of cardboard. He signed for the bill and the credit card was born. Banks, long known for snubbing micro loans and individual accounts, took notice of McNamara's early success with Diners Club. American Express, Franklin National Bank, and others started similar card programs to take advantage of the fee-based model that was working so well for McNamara. To make good money on fees, these cards needed a large user base, so the companies took the scatter-shot approach of mailing cards to everyone with an address in hopes of a hit. This, in turn, led to widespread fraud when consumers began getting bills on cards that they never received. To stem the tide, the Fair Credit Billing Act of 1974 was passed to protect consumers.
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