Some Interesting  Facts That You Should Know About Credit Cards

As we know that credit cards have become an important part of our life nowadays. Each and everybody is using credit cards for their personal uses and for business purposes as well. Credit cards are short-term loans in short. You can borrow the money from banks or any financial companies whenever you need them in an emergency. You just have to return the money back to the banks or the financial companies within the prescribed time.   There are so many types of credit cards offered by different banks and financial companies. Some credit cards are free i.e if we return the credit within the prescribed time period you will not have to give any additional charges but if you cross the prescribed time you have to pay some amount to banks. There are different criteria fixed by different banks.

So here we are going to discuss some interesting facts about credit cards

  1. You will be surprised to know that your credit card does not have any expiry
  2. A first credit card could only be used in
  3. The credit card was first used in (New York )
  4. McNamara was the creator of the credit
  5. The creator of a credit card at that time thought that credit card was just a
  6. In 1958 P.Williams an employee of Bank of America tried to mail credit cards to people but the bank went into loss and Williams lost his
  7. All credit card companies spent $80 per custo8m8e8r for
  8. Interest rates of standard credit card companies are illegal in some
  9. In a survey, it is observed that men pay their debts on time but women are usually late in paying their credits
  10. First, two digits of credit card give the information of your credit card issuer company.
  11. Your credit card issuer can not increase your credit limit without your
  12. 40% of fraud happened because of credit
  13. More than $1 trillion in annual volume is conducted by U.S. Visa cardholders
  14. Master card was formed by four Californian banks in
  15. Master card was the first card to use a
  16. Master card is first known as Master IT became Mastercard in 1979.
  17. All credit cards of the same shape and size all over the world. And the dimensions are specified by ISO 7810
  18. All credit cards follow the Luhn algorithm which is easy to apply on your credit To test your card.
  19. The first credit card was made up of paper and its credit limit was $
  20. VISA was originally known as It became VISA in 1976.
  21. Magnetic strips are used in credit After using credit cards, again and again, magnetic strips get abused that ’s why credit card needs to be replaced.
  22. A credit card can be a swipe up to 3-4 years
  23. To check whether the credit card is valid or not we apply a formula that is starting from the right we double each second number and add the whole digit if the result is evenly divisible by 10 then it is a valid card otherwise it is e.g  (2112 will be 4122 ) now add them and check whether are they evenly divisible by 10 or not.
  24. MasterCard and VISA are the not an independent company they include many banks and financial companies But American company is its own company.
  25. The full form of VISA is Visa International Service Association.
  26. The color blue on the logo of the credit card represents the sky and the gold color represents the color of hills where Bank Of America was founded in
  27. Only 1% of credit card interest was increased in 2015 and it cost $7.6