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.
The secret lives of credit cards
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.
Apply sbi bank credit cards
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.
call for sbi bank credit card any help
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.
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.