It wasn't until the late 1950s that Bank of America (NYSE:BAC) presented the BankAmericard, the first general reason borrowing card. The bank conceived a distinct credit card procedure entity that in the mid 1970s became known as VISA (NYSE:V). In 1966, competing banks generated rival cards as a outcome of Bank of America's success. This network of bank owners later conceived an association that came to be renowned as MasterCard (NYSE:MA).