ut they didn't take long to hit trouble. Just before Christmas in 1966, five million unsolicited credit cards were mailed in Chicago.
Five million holiday credit card shoppers would have created a bonanza for the banks, but in the rush to market, the banks had been less than Cautious in assembling their lists. Some families received 15 cards. Dead people and babies get cards. a dachshund named Alice Griffin was sent one that promised she would be welcomed as a \"preferred customer\" at Chicago's finest restaurants. Hundreds of Chicagoans discovered they could use or sell a card the \"found\", and by law, the person whose name appeared on it was liable for the charges--even if he or she had never requested or received the card.
The disaster sparked a movement to regulate the industry. Public Law 91-508, signed by President Nixon in October 1970, prohibited issuers from sending cards to people who hadn't requested them and all but eliminated card-holder liability for charges on a card reported lost or stolen. Later, the Fair Credit Billing Act set standard procedures for resolving billing disputes.
When the prime rate hit 20 percent in 1981, the banks found that consumers didn't mind paying rates of 18 to 22 percent on their credit-card balances.
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High interest rates helped attract new players into the credit-card arena, including Sear' Discover Card, the first major competitor to Master Card and Visa. Airlines, car and insurance companies, even long-distance phone companies allied themselves with banks to offer credit cards. Experts estimate there are from 15,000 to 19,000 different cards available in this country.
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