In this Bankrate article Humphreys Group President, Diane Bourdo takes a look at credit cards, a modern product that has not always been accessible to women. Bankrate is a trusted provider of accurate rates and financial information with news and reviews published daily on multiple financial topics.
The article presents a timeline of credit card history and how it relates to women’s rights and access to credit cards and general finances. This timeline includes the following dates and events:
- 1848: The Married Women’s Property Act
- 1862: California Banking Law and the Homestead Act
- 1919: First Women’s Bank of Tennessee opened
- 1938: The Fair Labor Standards Act
- 1958: The first credit card was introduced
- 1974: The Fair Credit Opportunity Act
- 2012: The Credit CARD Act amendment for stay-at-home parents
- 2020: First female CEO of a major bank
- Today: More women take the credit lead
Diane Bourdo. Humphreys Group President “who also mentors female undergraduate and graduate students who are pursuing careers in finance,” presents her comments on this timeline: “The biggest surprise for me is that not all women had access to credit until 2012. It was not until then that [a woman’s] share of the household income could be used to prove she could pay off credit cards.” Diane provides this insight on one of the final events in the timeline, the “Credit CARD Act amendment for stay-at-home parents” of 2012, revealing this recent progress in the history of women and credit.
The Humphreys Group is a women-owned and women-operated wealth management firm based in San Francisco, California. The firm offers highly focused financial planning and disciplined asset management to a range of clients. Their expertise is helping women in transition navigate their particular challenges — such transitions as marriage, divorce, widowhood, inheritance, or that first stock option grant. Their passion is helping their clients take control of their own financial lives and get smart about money.