25 Things You Might Not Know About Credit Cards

America runs on credit. It’s a fact of life. If you don’t have good credit you might not get jobs, not be able to rent, not get a loan. And to live in the United States you will almost certainly need a loan at some point in your life. Student loans, car loans, home loans. You get loans to pay other loans. It’s a vicious cycle that leaves much of the world confused, much of America in debt, and much of Wall Street rich. The average American household has several thousand dollars of credit card debt. What is worse is that many of those households willingly carry that debt. Moreover, the average American has several credit cards. These days you can buy almost anything, even if you don’t have any money. As long as you have a credit card you can just make minimum monthly payments and you’ll be fine right? Well, that can work if you don’t mind being a slave. Today we’re going to go over some of the key points concerning debt and credit cards. To summarize – if you don’t know how to use a credit card…don’t. These are 25 Things You Might Not Know About Credit Cards.

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25

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

There are enough credit cards in circulation to wrap around the Earth at the equator three and a half timesSources: MasterCard, Visa, CreditCards, Image: wikipedia
24

The first general credit cards were made out of paper and had a limit of $300

The first general credit cards were made out of paper and had a limit of $300Source: msn.com, Image: wikipedia
23

The reason credit cards expire is because the magnetic strip suffers a lot of abuse. Typically it will last around three to four years.

The reason credit cards expire is because the magnetic strip suffers a lot of abuse. Typically it will last around three to four years.Source: pbs.org, Image: wikipedia
22

This means that you can technically still use your credit card after it expires as long as you are not asked for the expiration date (ever notice that all the other details stay the same?)

This means that you can technically still use your credit card after it expires as long as you are not asked for the expiration date (ever notice that all the other details stay the same?)Source: lifehacker
21

Credit cards follow the Luhn algorithm, which is a checksum test on a number. It can tell you if the card is valid or not.

Credit cards follow the Luhn algorithm, which is a checksum test on a number. It can tell you if the card is valid or not.Source: wikipedia


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