Top Ten Credit Card Facts

Did you know the first credit card was issued in New York City by Diners' Club. The company allowed 200 customers to use the card at twenty seven different outlets way back in 1950. This is one of the many interesting nugget about the plastic cash that we have take for granted for such a long time Here is a list of the top ten credit cards facts.

1) The Black Centurion Card by American Express is currently the most expensive card to have. The annual fee for the card is $2,500 and the minimum spend requirement per cardholder per year is $250,000

2) Bank of America was the first and only bank allowed to issue Visa credit cards. The first Bank of America Visa credit card came out in 1958. By 1970, an association was formed when all banks agreed to issue the card and the name Visa was born.

3) The Discover card was introduced by Sears into the market in 1985. It quickly gained prominence and popularity because it did not have any annual fee charges.

4) Banks keep the minimum payments low because they want cardholders to carry their balance forward to the next month. With credit cards, banks primarily earn through the interest charges on the remaining balances.

5) All card issuers do not allowed their vendors to ask cardholders for personal information like address or telephone number when completing a credit card transaction.

6) The size and shape of the credit cards is almost always the same and governed by the ISO 7810 international standard. However, some banks have begun to introduce oddly shaped credit cards to attract customers with its creative value.

7) In certain states, it is illegal to impose a surcharge on credit card purchases. That is why the majority of card issuing companies do not allow their vendor to place a surcharge of credit card transactions.

8) For every card issued, there must be a cardholder agreement given. The cardholders do not actually have to sign the agreement but must be keep informed of any changes.

9) If you did not apply for a credit card, the banks cannot send you one. The only exception with this rule is when it is for a substituted or renewed card.

10) The expiry date on the card actually has not meaning at all. You can still use the card even after the card has expired because the new card will contain the same information as the old card in the magnetic chip.