Credit was first used in Assyria, Babylon and Egypt 3000 years ago. The bill of exchange, the forerunner of banknotes, was established in the 14th century. Debts were settled by one-third cash and two-thirds bill of exchange. Paper money followed only in the 17th century. In 1950, the Diners’ Club issued the first credit card in the United States and American Express followed in 1958. Bank of America issued the BankAmericard (now Visa), the first bank credit card later in 1958. By the early 1960s, more companies offered credit cards, advertising them as a time-saving device rather than a form of credit. American Express and MasterCard became huge successes overnight. Later, electronic banking allowed computers to read special numbers at the bottom of checks that allowed computerized tracking and accounting of check transactions.