In February 1950 the Diners Club issued the first credit card which only allowed charges at restaurants. By the end of the year, Diners Club had 20,000 members.
In 1950 the company charged participating establishments 7% and billed cardholders $5 per year.
By the mid-1960s, Diners Club had 1.3 million cardholders.
Diners Club International was acquired by Citigroup in 1981.
In 2008, Discover Financial Services purchased Diners Club International from Citibank for $165 million.
Average Credit Card Processing Fees 2019
The average credit card processing cost for a retail business where cards are swiped is roughly 1.95% – 2% for Visa, Mastercard, and Discover transactions. The average cost for card-not-present businesses, such as online shops, is roughly 2.30% – 2.50%.