William J. Boyle; Helped Develop First Credit Card to Be Issued by Bank

William J. Boyle, 88, who played a key role in the development of the first bank-issued credit card. In 1951, Boyle, the president of the Franklin National Bank in Rockville Centre, N.Y., developed the Franklin Charge Account Plan, which charged interest and let customers make partial payments each month. At the time, charge plans were largely limited to New York department stores. In 1950, Diners Club introduced the first charge card, but balances had to be paid in full each month. Franklin’s plan, which used the slogan “Just Charge It,” was the first credit card. Originally devised as a method to handle fuel oil dealers’ credit and collections, the program grew in popularity. By the end of its second year of operation, the program had expanded to 750 merchants with 28,000 customers and annual charges of $2.5 million. Born in Brooklyn, Boyle quit St. John’s University and sold hair tonic door to door to support his family. Boyle left Franklin National soon after developing the credit card to start his own consulting firm but abandoned the effort after feuding with his former employer. He went on to found Eastern National Bank in Smithtown, N.Y., and served as chairman and president of that firm for 17 years. On April 30 in Garden City, N.Y.