5 Fun Facts About Credit Cards

Credit has been around since 1750 B.C.  The system of an object used to identify a customer is only about 100 years old. There were coins and medals, but in 1920 the first card was designed and it was made of cardboard! 

Today, there are an estimated 14.4 billion credit cards in circulation. The earth is populated with about 7.5 billion people, so that’s approximately two credit cards per person.

1. Credit cards were invented by the “Diner’s Club” back in 1950, the idea of restaurant in NYC. It all started because a man left his wallet in a different suit! In the early days it was a group of men that wanted a card with their signature to show participating restaurants proof they were good for their purchases and could pay at the end of the month.

2. Most credit cards before were called “charge cards.” Balances needed to be paid in full every month, they had a $5 monthly fee and charged the merchant 7%!

I’m really good at managing my credit card.

My bank keeps sending me letters saying my account is outstanding.

3. If there is a chance to gather all the credit cards in the world side by side, it could span the earth 3.5 times!

4. Every American household receives around six credit cards offers per month by different credit card companies. There are an estimated 160 million credit card holders in the U.S., which is about half of the nation’s overall population.

5. Believe it or not, credit card industries receive about 500,000 applications every single day. In the U.S., the average credit card balance is around $6,375. A staggering $100 billion is what Americans are paying in just credit card fees and interests alone!

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