- The first general credit cards were made from paper and had a limit of $300.
- The reason credit cards expire is because the magnetic strip gets a lot of damage and needs to be replaced. A magnetic strip is good for about 3-4 years of swiping.
- Even as far back as the 1800s, merchants and consumers traded goods through the concept of credit. Both credit coins and charge plates were used as currency.
- Credit cards are used more than 20 billion times in one year just in the U.S.
- Women are more likely than men to be charged a late fee, pay the minimum payment, and carry a credit card balance.
- All credit cards everywhere are the same size: 85.60 mm x 53.98 mm.
- The inventor of the first bank-issued credit card was John Briggs, a banker from the Flatbush National Bank of New York.
- Cards that start with 34 or 37 are American Express. VISA cards start with a 4. MasterCards start with numbers from 51 through 55. Discover Cards start with 6011.
- Credit card numbers use an algorithm that makes the numbers evenly divisible by 10. If it doesn’t, the credit card is not valid.
- A gas pump will authorize a gas purchase for $50. So if someone has less than $50 available on his or her card, the pump will reject the card.
Sources: http://facts.randomhistory.com/credit-card-facts.html
http://mentalfloss.com/article/62091/12-fun-facts-about-money
