25 interesting credit card facts | finder.com
25 interesting credit card facts

25 interesting credit card facts

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Think you know about the ins and outs of credit cards? Think again.

The secret lives of credit cards

Credit card fact #1 – Credit cards were originally like today’s store cards — offered by individual stores and only for use at those stores. The first one to be used at multiple locations was offered by The Diner’s Club in 1950 and it was good for use in 27 restaurants in New York City.

Credit card fact #2 – American Express issued its first credit card in 1958 and their Black Centurion card today has a $2,500 annual fee and minimum spend requirement of $250,000 a year. That’s not earnings, that’s spending.

Credit card fact #3 – Visa began life as BankAmericard, offered by Bank of America in 1958. It became Visa in 1976.

Credit card fact #4 – Visa stands for Visa International Service Association.

Credit card fact #5 – The Visa logo colors represent the blue of the sky and the gold of the hills in California where Bank of America was founded.

Credit Card Fact #6 – Mastercard began life as MasterCharge and was formed by four Californian banks in 1967. It became Mastercard in 1979 and it was the first card to use holograms.

Credit card fact #7 – Discover Card was introduced by Sears in 1985. Sears was owned by Dean Witter, which merged with Morgan Stanley in 1997.

Credit card fact #8 – It is against the merchant agreements of Mastercard, Visa, and American Express for a vendor to require you to provide your phone number, home address or other personal information. You also do not need to present a driver’s license or spend above a certain purchase amount.

Credit card fact #9 – A fixed interest rate on a credit card can be changed with only 15 days notice from the credit card provider.

Credit card fact #10 – You do not have to sign anything to agree to the cardholder agreement. You are agreeing to this when you first use your card.

Credit card fact #11 – 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 #12 – A common clause in the terms and conditions is that the cardholder waives their right to sue the credit card company.

Credit card fact #13 – Each American household receives approximately 6 credit card offers a month.

Credit card fact #14 – Minimum payments are so low because it allows the consumer to carry more debt. Someone who can only pay $100 per month can have a credit limit as high as $5,000.

Credit card fact #15 – Credit cards are all the same shape and size, as their dimensions are governed by the ISO 7810 standard, an international standard for identification cards.

Credit card fact #16 – You can often lower your interest rate with a phone call to your provider if you suggest you might go elsewhere if they don’t play ball.

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 – There are generally two types of magnetic strips: high-coercivity and low-coercivity. High-coercivity is stronger and more durable.

Credit card fact #19 – Higher-coercivity are usually black and low-coercivity strips are dark brown.

Credit card fact #20 – Low-coercivity strip cards can be scrambled by a weak magnetic force, including mobile phones.

Credit card fact #21 – A potentially useful credit card trick for anyone under 18 is that they cannot be forced to pay back any charges on a credit card they own, because they are not allowed to enter into a legally-binding contract until they reach 18.

Beginners guide to credit cards

Credit card fact #22 Visa and Mastercard operate zero-liability policies in respect to fraudulent use.

Credit card fact #23 – Credit card companies earned $55.2B in fees in 2006.

Credit card fact #24 – Credit card companies earned $90.1B in interest in 2006.

Credit card fact #25 – finder.com is a magnificent place to learn about and compare credit cards. We’re on your side.

Compare credit cards

Name Product APR for Purchases (Purchase Rate) Intro APR for Balance Transfer Annual Fee
14.74%, 18.74% or 24.74% variable
0% for the first 15 months (then 14.74%, 18.74% or 24.74% variable)
$0
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees
12.74%, 16.74% or 20.74% variable
0% for the first 18 months from account opening (then 12.74%, 16.74% or 20.74% variable)
$0
An 18-month 0% Intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
16.74% variable
0% for the first 15 billing cycles (then 16.74% variable)
$495
Mastercard Black Card members receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
16.74% variable
0% for the first 15 billing cycles (then 16.74% variable)
$195
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
16.74% variable
0% for the first 15 billing cycles (then 16.74% variable)
$995
Earn points every time you spend. Luxury Card enhances your purchasing power by providing you with one (1) point for every one dollar ($1) you spend. Every purchase gets you closer to the rewards you want.
24.74% variable
$39
Designed to help build credit history with no deposit required and access to benefits.
23.9% variable
$75 annual fee for the first year ($99 thereafter)
With this card you get a 23.9% Variable APR.
19.74% to 25.74% variable
$0 to $99
Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
14.74% to 25.74% variable
0% for the first 15 months (then 14.74% to 25.74% variable)
$0
Earn 10,000 Membership Rewards® Points after you use your new Card to make $1,000 in purchases in your first 3 months.
14.99% to 24.99% variable
0% for the first 12 statement closing dates (then 14.99% to 24.99% variable)
$0
Earn more cash back for the things you buy most.
14.74% to 25.74% variable
0% for the first 15 months (then 14.74% to 25.74% variable)
$0
Earn $200 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $200 back in the form of a statement credit.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
Earn 50,000 points when you spend $4,000 on purchases within the first 3 months of your account opening, and an additional 30,000 points when you spend a total of $30,000 on purchases within the first year of your account opening.
17.74% to 24.74% variable
$450
Earn 50,000 BONUS POINTS after spending $4,000 on purchases in the first 3 months from account opening* — that's $750 toward travel when you redeem through Chase Ultimate Rewards®.
14.74% to 24.74% variable
0% for the first 12 months (then 14.74% to 24.74% variable)
$95
15,000 Membership Rewards points after you spend $1,000 in the first 3 Months of opening your account
16.74% to 25.49% variable
0% for the first 15 months (then 16.74% to 25.49% variable)
$0
Earn unlimited 1.5% cash back on every purchase - it's automatic. No minimum to redeem for cash back.
17.74% to 24.74% variable
$95
Earn unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
14.74%, 20.74% or 24.74% variable
0% for the first 15 months (then 14.74%, 20.74% or 24.74% variable)
$0
Earn unlimited 1.5% cash back on every purchase, every day
16.74% to 25.49% variable
0% for the first 15 months (then 16.74% to 25.49% variable)
$0
Earn 5% Cash back in bonus categories up to $1,500 every quarter. Earn 1% Cash back on all other purchases.
16.74% to 24.74% variable
$0
20,000 online bonus points offer. Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.
16.74% to 25.49% variable
0% for the first 15 months (then 16.74% to 25.49% variable)
$0
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
14.74%, 21.24% or 24.74% variable
$0 annual fee for the first year ($95 thereafter)
Earn 50,000 bonus miles after spending $3,000 on purchases within the first 3 months from account opening.

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US Credit Card Offers

Important Information*
Deserve® Classic Card
Deserve® Classic Card

APR

24.49
variable

Annual fee

0 For the first year
More info
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™

APR

16.74
variable

Annual fee

995 For the first year
More info
First Access Visa Card®
First Access Visa Card®

APR

29.99
variable

Annual fee

75 For the first year
More info
Indigo® Platinum Mastercard® Credit Card
Indigo® Platinum Mastercard® Credit Card

APR

23.9
variable

Annual fee

75 For the first year
More info
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