Interesting and little known facts about credit cards
A large percentage of individuals around the world own a credit card but not very many people know much about the history of it amongst other facts.
Below is a list of facts you might not have known about the credit card.
Below is a list of facts you might not have known about the credit card.
- Credit cards began their life as basic charge accounts for individual stores and could only be used at the store that issued the card
- The first credit card, as we know it today, was created in 1950 by Diners Club and only issued to 200 customers. At the time of its release it could be used in 27 different restaurants in New York
- In 1952, Diners Club, was accepted by over 400 restaurants, 30 hotels and approximately 200 car rental agencies
- Approximately 10 000 credit card transactions are completed every second of every day
- American Express was originally a shipping company founded in 1858 and specialised in the transport of financial instruments, including stock certificates and other documents
- American Express issued their first credit card in 1958 and its first Platinum Card in 1984
- BankAmericard was a card offered by Bank of America in 1958 and was renamed to Visa in 1976
- VISA is the acronym for the full name; Visa International Service Association
- The colours of the Visa logo were chosen to represent the sky for the blue, and the gold for the colour of the hills in California
- MasterCharge was founded by four banks in 1967 to form the Western States Bankcard -Association. MasterCharge was renamed to MasterCard in 1979
- The first hologram on a card was introduced in 1984 by MasterCard to reduce instances of and deter fraud
- Credit card sizes are uniform and determined by the ISO 7810 standard, an international standard for identification cards
- Most credit cards can still be used after the expiration date has passed as the date is set primarily to issue you with a new card
- Credit card numbers are designed to conform to the Luhn algorithm which acts as a checksum test on the number
- Americans own between them over 600 million credit cards which, if stacked one on top of another, would stand over 280 miles high
- American Express issued the first card made of plastic and more recently the first credit card made of anodized titanium
- Card numbers starting with 34 and 37 are American Express, 4 is Visa, and MasterCard's start with either 51 or 55
- A recent survey found that 27% of individuals questioned had experienced some form of credit card fraud in the past five years
- Email is the most widespread contact point for the initiation of credit card fraud
- You can enjoy many benefits through using your credit card such as access to VIP lounges at airports and reduced insurance fees when travelling, to mention but two
- Correct use of your credit card is a great way to build up a good credit profile which can come in useful when applying for loans
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