Credit Card Facts You All Need to Know

Credit repair services online will help you repair your credit even if you have a low credit score. While receiving your credit card statement each month may be the polar opposite of enjoyable, credit cards are a fascinating subject in and of themselves. The little plastic cards that we all use have a long and illustrious history, and there’s a lot that most people don’t realize about their primary method of payment. If you have a low credit score and have received your credit card statement, you should consult a credit repair service online.

Here are four unexpected credit card facts that may transform the way you think about your wallet.

 

1. There Isn’t Really an Expiration Date.

Sure, it says so on the back of your card, but you can still use it after it expires. However, the expiration date on your card serves a couple of purposes. First, it calculates how long your actual card will last and provides your credit card company with a deadline to send you a replacement. Second, when the merchant cannot see your card, it is utilized for online and over-the-phone sales. The expiration date enables the merchant to verify that you are the card’s owner and that you have the card in your possession.

 2. The First Digit on Your Credit Card Identifies the Company That Issued It.

You may have noticed that the same number appears on all of your cards from the same source. That isn’t by chance. The first digit of a credit card identifies the company that issued it: 1 and 2 denote airline cards; 3 denotes travel and entertainment; 4 and 5 denote banking institutions; 6 denotes merchandising and banking; 7 denotes gas cards; 8 denotes telecommunications, and 9 denotes national standards body assignments. Account numbers for American Express beginMan holding credit cards with a 3, Visa accounts begin with a 4, Mastercard accounts begin with a 5, and Discover accounts begin with a 6.

3. Several People Are Credited With “Inventing” Credit Cards.

In 1946, John Briggs invented the first bank-issued credit card. Briggs was a New York banker who devised the “Charge-It” card, which was legally a charge card because the debt had to be paid in full each month. Charge-It, on the other hand, was only available to Briggs’ bank customers, and the card could only be used for local purchases.

The Diners Club card was founded by Frank McNamara, the head of Hamilton Credit Corporation, in 1950. It was the first credit card that could be used in many stores. After a business meal at a famous New York restaurant, McNamara had the idea for such a card.

He’d changed his suit and forgotten his wallet in his other jacket before the dinner. After that humiliating episode, McNamara realized that having a non-cash method of paying for meals would be useful. It was then that the Diners Club card was born. The card was only given to about 200 people when it was originally released, and it was only accepted at 27 restaurants in New York. Within a year, though, it had been used by over 20,000 people.

4. At the Start of the COVID-19 Pandemic, Over Half of All Individuals in the United States (47%) Had Credit Card Debt.

What percentage of Americans owe money on their credit cards? By May 2020, nearly half of the adult population in the United States would be in credit card debt. While newer data is still being analyzed, most people’s circumstances deteriorated dramatically during the epidemic, so we can safely conclude we’ve passed the 50% mark.

If you’re suffering from credit card debt, there are a number of credit repair services that will provide credit repair services for free. Consult us today.

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