Things to Know About Credit Cards

We all know that credit cards are a big deal, and almost all of us have at least one, if not more of them. That being said, do you know that there are a lot of things that you should keep in mind or know about the credit cards that you may be using? Here are some interesting facts to keep in mind.

  1. At one time, 40% of Americans spent more than they made. Now it’s estimated to be as high as 60%.
  2. In 2009, the number one fear of Americans during the global crises? Credit card fraud. They were worried that their identities would be stolen – and almost 10 years later, that is still one of the main fears that people have.
  3. Credit cards don’t actually “expire.” That date is based on the average age of the magnetic strip on the back of it – once that stops working, you won’t be able to use it anymore, so that’s why it’s such a big deal to replace it on time.
  4. Credit cards can’t change your rate without notifying you, but they only have to give you 15 days notice. Not like you can do much in that amount of time anyway.
  5. Worried about your credit score? Library fines and parking tickets can mess it up too.
  6. Visa cardholders alone charge over 1 trillion dollars in debt. That’s only one company… Americans overall are estimated to charge between 10 and 15 trillion a year.
  7. Credit cards used to be merchant-only, and were basically like a “tab,” where your purchases were added up and you had to pay them off.
  8. You actually don’t have to give any private information to use a credit card. Merchants can request it, but according to their agreements with the credit card companies, they cannot require it.