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Diners Club International
Diners Club International Ltd. (DCI), founded as Diners Club, is a charge card company owned by Capital One. Formed in 1950 by Frank X. McNamara, Ralph Schneider (1909–1964), Matty Simmons, and Alfred S. Bloomingdale, it was the first independent payment card company in the world, successfully establishing the financial card service of issuing travel and entertainment (T&E) credit cards as a viable business. Diners Club International and its franchises serve members globally, with acceptance in over 200 countries and territories. As of 2024–2025, the network includes more than 55 card issuers operating in approximately 45 countries.
The idea for Diners Club was conceived at the Majors Cabin Grill restaurant in New York City in 1949. Diners Club cofounder Frank McNamara was dining with clients and realized he had left his wallet in another suit. His wife paid the bill, and McNamara thought of a multipurpose charge card as a way to avoid similar embarrassments in the future. However, this story was actually invented by Diners Club press agent Matty Simmons, and never actually happened (The Credit Card Catastrophe by Matty Simmons first printing, page 26). He discussed the idea with the restaurant owner at the table, and the following day with his lawyer Ralph Schneider and friend Alfred S. Bloomingdale. McNamara returned to the same restaurant the following February, in 1950, and paid for his meal using a cardboard charge card and a signature. The story became well known. Diners Club official history refers to this meal as "The First Supper", and is credited by historians as the beginnings of contemporary credit. Various versions of the story differ about whether it was a lunch or dinner at which McNamara forgot his wallet, and whether the bill was paid on loan or McNamara waited for his wife to drive his wallet to him. Some journalists later credited Alfred Bloomingdale with the idea for Diners Club.
McNamara and his attorney, Ralph Schneider, founded Diners Club International on February 8, 1950, with $1.5 million in initial capital. Alfred Bloomingdale joined briefly, then started a competing venture in California before merging his California-based Dine and Sign with Diners Club. McNamara's original conception was to make a card that could be used as a means of payment in restaurants around New York City; however, he later expanded its usage to other types of establishments, including hotels, car rentals, and flower shops. The company started building its customer base by offering their cards to prominent businessmen. Shortly afterward, Matty Simmons, the company's first press agent, started advertising the card in newspapers, magazines, and by sending personal mail to potential customers. Diners Club International was named for being a "club of diners" that would allow patrons to settle their bill at the end of each month through their credit account. When the card was first introduced, Diners Club listed 27 participating restaurants, and 200 of the founders' friends and acquaintances used it.
Diners Club had 20,000 members by the end of 1950 and 42,000 by the end of 1951. At the time, the company was charging participating establishments 7% and billed cardholders $5 a year. In 1952, McNamara sold his interest in Diners Club to his partners for $200,000. The first plastic Diners Club card was introduced in 1961; by the mid-1960s, Diners Club had 1.3 million cardholders.
Towards the end of the 1960s, Diners Club faced competition from banks that issued revolving credit cards through Bank of America's BankAmericard (later changing its name to Visa), and Interbank Master Charge (renamed to MasterCard). Starting in 1968, the American Oil Company, or Amoco, also launched its own co-branded Diners Club cards called American Torch Club (later renamed Amoco Torch Club), and Sun Oil Company issued its version called Sun Diners Club Card starting in 1977.
In 1981, Citibank, a unit of Citicorp, bought Diners Club International, including the franchisor that holds rights to the Diners Club trademark. Despite this, a majority of the franchises abroad remain independently owned.
In April 2008, Discover Financial and Citigroup announced that Discover was purchasing the Diners Club International network from Citigroup for $165 million. In May 2008, the Federal Trade Commission approved the transaction and it was finalized on July 1, 2008.
In a transaction completed on July 1, 2008, Discover Financial Services purchased Diners Club International from Citibank for $165 million. The deal was announced in April 2008 and approved by the U.S. government in May 2008. By merging the North American Discover Network with the international Diners Club Network, Discover created a global payment processing system. Discover Bank has no plans to issue Diners Club-branded cards, which continue to be issued by Diners Club International licensees.
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Diners Club International
Diners Club International Ltd. (DCI), founded as Diners Club, is a charge card company owned by Capital One. Formed in 1950 by Frank X. McNamara, Ralph Schneider (1909–1964), Matty Simmons, and Alfred S. Bloomingdale, it was the first independent payment card company in the world, successfully establishing the financial card service of issuing travel and entertainment (T&E) credit cards as a viable business. Diners Club International and its franchises serve members globally, with acceptance in over 200 countries and territories. As of 2024–2025, the network includes more than 55 card issuers operating in approximately 45 countries.
The idea for Diners Club was conceived at the Majors Cabin Grill restaurant in New York City in 1949. Diners Club cofounder Frank McNamara was dining with clients and realized he had left his wallet in another suit. His wife paid the bill, and McNamara thought of a multipurpose charge card as a way to avoid similar embarrassments in the future. However, this story was actually invented by Diners Club press agent Matty Simmons, and never actually happened (The Credit Card Catastrophe by Matty Simmons first printing, page 26). He discussed the idea with the restaurant owner at the table, and the following day with his lawyer Ralph Schneider and friend Alfred S. Bloomingdale. McNamara returned to the same restaurant the following February, in 1950, and paid for his meal using a cardboard charge card and a signature. The story became well known. Diners Club official history refers to this meal as "The First Supper", and is credited by historians as the beginnings of contemporary credit. Various versions of the story differ about whether it was a lunch or dinner at which McNamara forgot his wallet, and whether the bill was paid on loan or McNamara waited for his wife to drive his wallet to him. Some journalists later credited Alfred Bloomingdale with the idea for Diners Club.
McNamara and his attorney, Ralph Schneider, founded Diners Club International on February 8, 1950, with $1.5 million in initial capital. Alfred Bloomingdale joined briefly, then started a competing venture in California before merging his California-based Dine and Sign with Diners Club. McNamara's original conception was to make a card that could be used as a means of payment in restaurants around New York City; however, he later expanded its usage to other types of establishments, including hotels, car rentals, and flower shops. The company started building its customer base by offering their cards to prominent businessmen. Shortly afterward, Matty Simmons, the company's first press agent, started advertising the card in newspapers, magazines, and by sending personal mail to potential customers. Diners Club International was named for being a "club of diners" that would allow patrons to settle their bill at the end of each month through their credit account. When the card was first introduced, Diners Club listed 27 participating restaurants, and 200 of the founders' friends and acquaintances used it.
Diners Club had 20,000 members by the end of 1950 and 42,000 by the end of 1951. At the time, the company was charging participating establishments 7% and billed cardholders $5 a year. In 1952, McNamara sold his interest in Diners Club to his partners for $200,000. The first plastic Diners Club card was introduced in 1961; by the mid-1960s, Diners Club had 1.3 million cardholders.
Towards the end of the 1960s, Diners Club faced competition from banks that issued revolving credit cards through Bank of America's BankAmericard (later changing its name to Visa), and Interbank Master Charge (renamed to MasterCard). Starting in 1968, the American Oil Company, or Amoco, also launched its own co-branded Diners Club cards called American Torch Club (later renamed Amoco Torch Club), and Sun Oil Company issued its version called Sun Diners Club Card starting in 1977.
In 1981, Citibank, a unit of Citicorp, bought Diners Club International, including the franchisor that holds rights to the Diners Club trademark. Despite this, a majority of the franchises abroad remain independently owned.
In April 2008, Discover Financial and Citigroup announced that Discover was purchasing the Diners Club International network from Citigroup for $165 million. In May 2008, the Federal Trade Commission approved the transaction and it was finalized on July 1, 2008.
In a transaction completed on July 1, 2008, Discover Financial Services purchased Diners Club International from Citibank for $165 million. The deal was announced in April 2008 and approved by the U.S. government in May 2008. By merging the North American Discover Network with the international Diners Club Network, Discover created a global payment processing system. Discover Bank has no plans to issue Diners Club-branded cards, which continue to be issued by Diners Club International licensees.