10 facts about credit cards
A few facts have been sent to Where Does It Go over from Compare And Save (www.compareandsave.com), a UK leading credit card comparison site:
- The concept of a credit card for consumers came about when an American enjoying a meal out for dinner in 1949 realised he had left his cash at home and decided that an alternative to cash would be a good idea. Frank McNamara came up with the Diners Club Card and by 1951 there were 20,000 Diners Club cardholders.
- The first credit card was made of cardboard and it was only in 1951 that it was changed to plastic so that it lasted longer.
- Credit cards are normally the same shape and size because the follow the ISO 7810 – an international standard that outlines formats for certain types of cards.
- The most common size for a credit card in 85.60 x 53.98mm.
- Whenever you get a new credit card (or debit card for that matter), you must ‘activate it’ before using it by ringing up an activation number or by going online.
- There are more credit cards in the UK than people – at the end of 2007 there were around 60 million people who between them carried 73.2 million credit and charge cards
- 70% of consumers with cards did not take the time to compare credit cards before applying.
- You have to be at least 18 years of age to get a credit card. In fact to get some credit cards you need to be as old as 25 and on a certain annual wage in order to be accepted.
- Credit cards must be signed by the authorised cardholder in order to be valid.
- Credit cards may be your ‘flexible friend’ but if you bend them too much, they will snap!
