10 Interesting Facts About Credit Card
1. Three and a half equators
The average American has 1.96 credit cards. Every Russian has 1.96 credit cards. And there are so many credit cards in circulation in the world that they could wrap the Earth around the equator three and a half times.
2. Credit cards from paper
The first credit cards were made of paper and had a $300 limit. Today, all credit cards are the same size (85.60 mm x 53.98 mm).
3. From 3 to 4 years
The reason why credit cards have a limited expiration date, after which they have to be replaced, is that the magnetic stripe on credit cards is erased by use. As a rule, credit cards are issued for a period of 3 to 4 years.
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4. VISA
VISA is an acronym for Visa International Service Association. It is known as a recursive acronym because the acronym refers to itself. In the VISA logo the blue color symbolizes the sky and the gold color symbolizes the hills in California, where Bank of America was founded (VISA was formerly owned by Bank of America).
5. Average CC debt
The average credit card debt for an American adult in 2021 was nearly $5,000. Also, interestingly, women are more likely than men to pay the minimum amount with a credit card and keep it in a positive balance.
6. Minimum Payment
Minimum payments on credit cards are so low for a reason. They were designed specifically to get people into debt.
7. Internet transactions
For those who have ever transacted over the Internet or over the phone, it is worth knowing that it is illegal for companies to demand personal information about a customer. For example, if a person does not want to give their home address, it cannot be a reason to refuse a transaction.
8. It is the most profitable sector in the banking industry
Credit cards are the most profitable sector in the banking industry. Banks earn more than $30 billion a year.
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9. The first card holder
The inventor of the first bank-issued credit card was John Briggs, a banker at Flatbush National Bank in New York, USA. Introduced in 1946, the card was called the Charge-It. The catch was that the user had to have an account with that bank, and purchases could only be made locally, at a single outlet. Technically, it was actually a credit card, because the account had to be paid in full at the end of each month.
10. Most expensive credit card
The most expensive credit card was presented in 2007 at the Cartes amp; IDentification exhibition in Paris. The credit card is made of silver and decorated with 333 diamonds ranging in size from 1 to 1.65 mm.
Today, half the world lives on credit - this is an obvious fact. Student loans, car loans, home loans, and even loans to pay off other loans are a veritable whirlwind. Almost every family has credit debt, and many don't stop there, going to the bank for more loans. In this review we will talk about little-known and very interesting facts about credit cards.
