Top Ten Interesting Facts About Common Credit Cards

Top Ten Interesting Facts About Common Credit Cards

In this review, we will talk about little-known and interesting facts about credit cards.

  1. The idea of a credit card appeared more than 130 years ago. Despite this fact, the first one called “Diners’ Club” was issued only in 1950. Its creator was Frank McNamara. The card was made of paper and was accepted in two dozens of New York public restaurants. At the end of 1950, about 20,000 people owned credit cards and its use extended to 285 restaurants.
  2. There are so many credit cards in circulation in the world that they could wrap the Earth around the equator almost three and a half times.
  3. The reason that credit cards have a limited shelf life is a magnetic strip that is erased when used. As a rule, they are issued mostly for a period of three to four years.
  4. The first digit of the plastic number means a payment system under the authority of which it is issued. If the number starts with 3 then it belongs to American Express, with 4 –  to Visa, and with 5 – to MasterCard. At the same time, 57% of the plastics on the earth have a Visa logo.
  5. The most expensive credit card was presented in 2007 at the exhibition Cartes & IDentification in Paris. It is made of silver and is decorated with 333 diamonds the size of which is from 1 to 1.65 mm.
  6. The largest collection of credit cards was amassed by a California resident Walter Cavanagh. During his life, he collected 1397 cards with a credit on them equal to 1.65 million dollars. He did not completely redeem his debt but for his achievement was awarded a place in the Guinness Book of World Records.
  7. The average credit card debt for an American adult in 2013 was almost $5000. Also, it is interesting that women pay the smaller amounts by the plastic more often than men and keep on it a favorable balance.
  8. Credit cards are the most profitable sector in the banking industry. They produce a profit of more than $30 billion a year.
  9. VISA is the abbreviation of Visa International Service Association. This is known as a recursive acronym because the abbreviation refers to itself. On the VISA logo, the blue color symbolizes the sky and the golden one – the hills in California where the Bank of America was founded.
  10. Those who have ever made transactions via the Internet need to know that it is illegal for companies to require any personal information about the customer. For example, if a person does not want to indicate his or her home address, this can not be the reason for refusing the transaction.

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