Which type of card did American Express introduce in 1958?

American Express introduced the charge card in 1958, which was a significant innovation in the payment card industry. The charge card allowed consumers to make purchases without needing to pay the full amount upfront; instead, users could accumulate charges and pay the total balance at the end of a billing cycle. Unlike modern credit cards that allow for revolving credit and carry balances over time, the charge card required full payment each month. This innovation catered to consumers looking for convenience in payments and the ability to manage larger purchases over time without the need for cash.

In contrast, other types of cards, such as credit cards, prepaid cards, and debit cards, came about later and serve different purposes. Credit cards allow users to carry a balance and make payments over time, prepaid cards are loaded with a specific amount of money in advance, and debit cards withdraw funds directly from a linked bank account. Understanding the unique features and historical context of the charge card helps clarify its importance as the first card introduced by American Express and its role in shaping the payments landscape.