18 Credit Cards Amazing Facts

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Credit card fact #1. 51% of Americans have two or more credit cards. On average, they carry a little less than $9,000 in credit card debt.

Credit card fact #2. A credit card company set limits on how much you can charge on your card. This limit is based on your ability to handle debt.

Credit card fact #3. If you pay your bill in the grace period. You won’t have to pay a finance charge on purchases for that bill. A grace period is usually about 25 days.

Credit card fact #4. Credit card Issued in the early 1900s, the first cards could be used only in the store where they were issued. They were offered as a convenience to build customer loyalty.

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With a credit card, you are paying for convenience. Credit card rates can be 18% or as high as 24% depending on your credit history.

Credit card fact #6. Some banks offer secured credit cards to people with a poor credit history or no credit history at all. Secured cards can be the best option for your first credit card.

Credit card fact #7. Building a solid credit history is important. How do you do that? By getting and using a credit card wisely.

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Credit card fact #8.MasterCard followed Visa quickly. Originally known as Master Charge, it was created by a federation of banks working together to provide nationwide credit card coverage.

Credit card fact #9. credit cards Frequently or regularly paying your bills late will quickly damage your credit score.

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Setting up automatic payments from your checking account for your cell phone bill and other monthly bills can make paying on time easier.

Credit card fact #10. You do NOT have to carry a balance on a credit card to build a credit history. Paying the full balance on time will build a good history.

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Credit card fact #11. Visa began life as Bank Americard offered by Bank of America in 1958. It became Visa in 1976.

Credit card fact #12. A fixed interest rate on a credit card can be changed51% of Americans have two or more credit cards. On average, they carry a little less than $9,000 in credit card debt. with only 15 days notice from the credit card provider.

Credit card fact #13.You do not have to sign anything to agree to the cardholder agreement.

Credit card fact #14. If you have several debts on one card at different interest rates, payments are applied to the balance with the highest interest rate first.

Credit card fact #15. A common clause in the terms and conditions is that the cardholder waives their right to sue the credit card company.

Credit card fact #16. Each American household receives approximately 6 credit card offers a month.

Credit card fact #17.Credit card numbers conform to the Luhn algorithm, which is a simple checksum test on the number.

Credit card fact #18. Higher-coercivity are usually black and low-coercivity strips are dark brown.

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