The Dawn of Plastic Money: Barclaycard, Master Charge, and the Credit Revolution

The modern wallet is unthinkable without a piece of plastic bearing the logo of a global payment network, and this photograph—likely an early example or commemoration of the technology—reminds us of the relatively recent dawn of the credit card era. For Britain, that revolution began with Barclaycard, the first all-purpose credit card in the country, which irrevocably changed how people saved, spent, and borrowed.

🇬🇧 The Pioneer: Barclaycard

The story begins in 1966 when Barclays Bank, inspired by the success of Bank of America’s BankAmericard in the US, decided to "beat the others to it" and introduce the UK's own version of plastic money.

• Launch and Monopoly: Barclaycard was launched on June 29, 1966, initially as a charge card, then becoming the first UK credit card offering revolving credit in November 1967. It enjoyed a monopoly in the UK credit card market until 1972.
• The Unsolicited Card: To generate widespread awareness, Barclays made a decision that would be "absolutely unthinkable" today: they sent out 1 million credit cards unsolicited to select Barclays customers. This aggressive direct-mail marketing immediately embedded the card in the public consciousness.
• A Sign of Status: Despite initial public skepticism that credit cards were an "undesirable American import," ownership of a Barclaycard quickly became a status symbol in the late 60s and early 70s, often restricted to those with a substantial salary.

🌍 The Competition: Master Charge (Mastercard)

While Barclaycard dominated the early UK market, the global competition was also mobilizing. The card we know today as Mastercard had its origins in 1966 when several US banks formed the Interbank Card Association (ICA).

• Birth of the Brand: In 1968, the ICA adopted the now-familiar name and graphics of Master Charge, featuring the brand name centred between two interlocking circles of red and ocher.
• Global Expansion: Master Charge rapidly began building a global network, forming alliances with Eurocard in Europe and adding Japanese members by 1968.
• The Access Rival: In the UK, Barclaycard finally got a serious competitor in October 1972 with the launch of the Access Card. Access was a joint venture between Barclays' main rivals (including NatWest and RBS) and, crucially, it formed an international alliance with Master Charge. The Access name eventually disappeared from the UK high street in the mid-1990s, replaced by the global Mastercard brand.

The dual launch of Barclaycard (which later aligned with the Visa network) and Access/Mastercard cemented the credit card as a fixture in British life. These pieces of "plastic money," as they were called in a 1967 Barclays report, marked the start of a deep shift in consumer finance, transforming how people managed everything from foreign holidays to home makeovers.