McNamara and his attorney, Ralph Schneider, founded Diners Club International on February 8, 1950,[15] with $1.5 million in initial capital.[7] Alfred Bloomingdale joined briefly, then started a competing venture in California before merging his California-based Dine and Sign with Diners Club.[11] Diners Club International was named for being a "club of diners" that would allow patrons to settle their bill at the end of each month through their credit account.[16] When the card was first introduced, Diners Club listed 27 participating restaurants, and 200 of the founders' friends and acquaintances used it.[16]