Ten Things You Might Not Know About Credit Cards

What do you really know about credit cards? With so many deals for credit cards online it can be hard to tell the difference between them all, but we are not here for the latest credit card deals, today we are here to learn some interesting facts about them…

Around the World

There are enough credit cards in circulation to wrap around the Earth at the equator three and a half times.

More Money?

9.41% of credit card holders have been offered extra credit. Nearly half of UK credit card holders have been offered an unrequested increase in their credit limit by their card company, according to research by the Debt Advisory Centre.

The Numbers Add Up!

To see this in action, start on the right and double each second digit (2121 would become 4141). Then add them together and you should end up with a number divisible by 10. If not, the card is not valid.

Use Anywhere?

In 1950, Diner’s Club became the first company to offer a credit card that could be used at multiple locations. Initially, the credit card was accepted at just 14 restaurants in New York. Even so, within a year, over 20,000 people were using it.

the Colours of Life

The Visa logo colours were chosen because the colour blue represented the sky and the gold represented colour of the hills in California where Bank of America was founded.

Holograms

MasterCard began life as MasterCharge, and was formed by four Californian banks in 1967. It became MasterCard in 1979, and was the first card to use holograms.

Don’t Bother Signing Here

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

Expiry Date

Your credit card doesn’t really have an expiration date! They renew your card because they might need to upgrade it and this also limits the chances of your details being shared online.

No ID Required

Under the merchant agreements of MC, Visa, Discover Card and AMEX, you do not need to present a driver’s license in order to complete a credit card transaction.

15 Days

Credit card companies only have to give you 15 days notice before changing the terms of your contract

I hope you found at least some of these facts interesting and if you have any other facts about credit cards do let us know in the comments below.