According to Wikipedia, the first known use of the phrase 'punk rock' appeared in the Chicago Tribune on March 22, 1970, in which Ed Sanders, co-founder of New York's anarcho-prankster band The Fugs, referred to one of his solo albums as 'punk rock-redneck sentimentality'.
Iggy Pop was referred to as 'that Stooge punk' in the December 1970 issue of Creem, and Suicide's Alan Vega credits this usage as his duo's source of inspiration to bill its gigs as a 'punk mass' for the next two years. Dave Marsh was the first music critic to use the term, in the May 1971 issue of the same magazine. Later in 1971, in his fanzine Who Put the Bomp, Greg Shaw wrote about "what I have chosen to call 'punk rock' bands—white teenage hard rock of '64-66 (Standells, Kingsmen, Shadows of Knight, etc.)"
The term was also used in February 1973 by Terry Atkinson of the Los Angeles Times, who when reviewing the debut album by a hard rock band, Aerosmith, declared that it "achieves all that punk-rock bands strive for but most miss."
In May 1974, Los Angeles Times critic Robert Hilburn, when reviewing the second New York Dolls album, Too Much Too Soon, wrote, "I told ya the New York Dolls were the real thing", describing the album as "perhaps the best example of raw, thumb-your-nose-at-the-world, punk rock since the Rolling Stones' Exile on Main Street." Bassist Jeff Jensen of Boston's Real Kids reports of a show that year, "A reviewer for one of the free entertainment magazines of the time caught the act and gave us a great review, calling us a 'punk band.' ... We all sort of looked at each other and said, 'What's punk?'"
By 1975, 'punk' was being used to describe acts as diverse as the Patti Smith Group, the Bay City Rollers, and Bruce Springsteen. As the scene at New York's CBGB club attracted notice, a name was sought for the developing sound, which club owner Hilly Kristal referred to as "street rock". John Holmstrom credits Aquarian magazine with using the term punk "to describe what was going on at CBGBs".
By late 1976, bands such as the Ramones, in New York City, and the **** Pistols and The Clash, in London, were recognized as the vanguard of a new musical movement. The following year saw punk rock' spreading around the world, and becoming a major cultural phenomenon in the United Kingdom.
“Oh yeah, you really got me now, you've got me so I don't know what I'm doing"