Taken from an article published in the Credit Card Collectors magazine, 1992
Citicorp, which was the nation’s largest credit card issuer in 1992, was back then making credit card collectors grin. The holding company decided to start putting cardholders’ photos on the back of its cards.
Citicorp photo credit cards
An inaccurate news release for Citicorp stated that although photocards have been used in other countries, its would be the first and largest of its kind in the U.S.
The release gave credit to one limited program by First Hawaiian Bank of Honolulu that had been issuing credit cards with IDs for 20 years. No mention is given to the U.S. banks, in the early ’70s, that issued photo ID BankAmericards and Master Charges.
Citicorp’s explanation for issuing the new photocards was anticipation that credit card fraud will be reduced. Some credit card experts thought the real reason was to differentiate Citicorp’s cards from other issuers’.
The latter seemed to be a more plausible reason since the using of photos went off bank cards in the ’70s (Editor’s note: Assuming Citicorp’s real reason was reducing fraud, we hoped they spent enough time researching to know this idea has already been tested by MasterCard (Master Charge) and Visa (BankAmericard) who both found it unfeasible.).
Why photocards?
The photocard is actually believed by some to be a marketing ploy in the over-crowded credit card field.
Many issuers that found perks of the ’80s enticing to cardholders are now dropping them as consumers jump ship to other institutions with lower rates or options cardholders can actually use.
It was thought the elaborate marketing campaign where Citicorp planned to announce this new feature is based on differentiating its cards from others’.
The new cards had two ways for the cardholder to have their photo affixed. One: Walk into a Citicorp branch and have your photo taken there or, Two: A photocard application will be mailed along with your monthly statement.
Cardholders who wished to participate could attach a photo to the application. A picture would·be affixed to their card free of charge when the next one is issued.
Copyright Greg Tunks, 1992