Video Week: The Secret History of the Credit Card

Welcome to Video Week on SpendOnLife! Every day this week we'll highlight an interesting video from around the web on credit or identity theft. So grab some popcorn, and enjoy!

How South Dakota Became America's Credit Card Capital

Today, we selected a snippet from PBS Frontline on the history of the modern credit card. It's from 2004, but still relevant because it explains how and why Sioux Falls, South Dakota came to be the major mecca for credit card companies (Hint: they liked the state's lack of usury restictions).

If you're interested in watching the full hour of this PBS special, check out the other segments here. Note that some of the information is outdated, now that the CARD Act has finally passed.