Sometimes it is good to look at your credit card in a fun way, so today I would like to delight you with some fun facts about your credit card!
The First Number Matters!
When you look at the first number on your credit card, you can get a clue about the type of card you have. If your credit card number starts with a 1 or a 2, it was issued by an airline. All American Express and Diners Club cards start with a 3. Visa cards will always start with a 4, while MasterCard uses 5 and Discover Card 6. 7 is for gas cards; 8 is for telecommunication companies; and 9 is used for national assignments.
Check out this handy little infographic for what all those numbers on your credit card mean.
The Average US Household Credit Card Debt in Q4 2016 Was $16,748.
Sadly, many indebted households can only afford to make minimum payments on their credit card balance. Assuming a credit card interest rate of 15% and additional payments of $250/month, the average household would take over 12 years to pay it off.
Good Credit Score Can Affect Your Love Life
Having a good credit score does not only mean it will be easier to obtain a loan or financing, because studies have shown that a good credit score can also be good for your live life! Therefore, asking a potential partner about their credit score might not be an inappropriate question!
Credit Cards Can Have a Fragrance
We all know that credit cards can have a fun design, but what many don’t know is that some credit cards can have a fragrance as well. The Al Hilal Bank in Abu Dhabi is one of the banks that offers such a card, because their Laha Card has a built-in applet that absorbs any perfume scent!
Credit card companies spend around $80 to acquire new customers
Credit card companies spend an average of $80 in marketing and administrative costs to acquire every new customer, according to a 2014 report by the Database Marketing Institute. As long as customers keep and use their cards, credit card companies don’t mind. Every customer provides an average return of $120 a year.
Credit Education Was a Concept Before the Credit Card Was Invented
A film in the 1950s called “The Wise Use of Credit” was the first to mention credit education, even though the credit card was not invented until ten years later.
The Largest Number of Credit Cards for One Person
The Guinness Book of Records actually contains the record of the highest number of credit cards owned by one person. The record is currently held by Walter Cavanagh, who lives in Santa Clara, California.
When combining all his available credit cards, Walter Cavanagh has a credit line estimated at $1.7 million. This tremendous amount of credit is not the only unique aspect about Walter Cavanagh, because he keeps his large number of credit cards in a 250-foot wallet!
Credit Fraud Happens Most Often in Mexico!
During a ACI Worldwide Universal Payments and Aite Group 2016 study, Mexico was revealed as the country where credit fraud happens the most. According to the study, approximately 51 percent of Mexico residents have been victim of credit card fraud in the past five years. So, if you consider relocating to Mexico, you may not want to take your credit card with you.
Your Maximum Liability for Unauthorized Use is $50
The Fair Credit Billing Act sets a $50 limit on your liability for unauthorized use of your credit cards. This is regardless of how much criminals steal from your account. It gets even better. If the fraudulent transactions are charged after you report your card stolen or lost, you are not responsible for the $50. However, if your debit card is stolen and you don’t report it right away, you are out of luck.
Credit Cards Are Rectangle for Practical Reasons
Have you ever wondered why a credit card has a rectangle shape and not a round, square or even star-shape? Well, the standard rectangle shape of the credit card was accepted as a universal standard, so that it could be swiped no matter where you are in the world!
Women Are Smarter with Their Credit
There are many jokes about women who are using their man’s credit card. Studies have actually shown that women tend to have a better credit score than men, at least according to a 2015 Experian study.
The study showed that women had an average credit score of 675, which is five points higher than men. So, if you wish to make a joke about a woman and her credit card, best not to mention this fun fact!