Comments on: 50 Fun Facts About Credit Cards

By: mic

mic — Fri, 31 Jul 2009 02:01:36 +0000

He said “.33%” which IS “ONE THIRD OF ONE PERCENT.” It’s numeric value is 0.0033 just as the numeric value for 1% is 0.01
Percent= Per + cent
per = of
cent = 100

Congrats on pointing out that .0033% is thirty-three ten-thousandths of a percent. That’s what you get for trying too hard to be a smart*ss

By: » BVC #17: The Luhn Algorithm

» BVC #17: The Luhn Algorithm — Thu, 23 Jul 2009 16:16:33 +0000

[...] can read more about the Luhn Algorithm at Wikipedia and here is the aforementioned 50 Fun Facts about Credit Cards post. { 0 comments, please add your thoughts now! } By [...]

By: KingAdrock

KingAdrock — Mon, 02 Mar 2009 19:47:48 +0000

#3 says “American Express started off as a shipping company in 1850… They began selling money orders and traveler’s checks in 1882 and issued its first CREDIT card in 1958.”

American Express issued their first CHARGE card in 1958. Credit cards (as in cards which you can carry a balance month-to-month) didn’t exist until BofA introduced the BankAmericard.

By: Clint

Clint — Sun, 03 Aug 2008 23:26:04 +0000

quick question:

If I were to get a credit card and lock it in the safe, would this help or hurt my credit score. Would a credit card company even allow a card to stay valid without use?

By: Leah

Leah — Wed, 23 Apr 2008 12:14:42 +0000

There is so much unconsistent information about canceling credit cards and how they affect your credit score. I currently have 5 credit cards (all with credit limits of under $800 each). I currently have 4 credit cards paid off and one that I use frequently and make payments on time but never seem to pay in full but do make over-payments. This 5th card is also a secured card.
One of my credit cards has the lowest interest rate but also has a monthly maintenence fee of $6 and an annual fee. I am wanting to cancel this credit card for several reasons. 1) I don’t want to pay a $6.00 monthly charge – in which they say is to report my information to the credit bureau. 2) The customer service is horrible. 3) They offer me a second card but will NOT increase my credit limit. 4) I do not use the card.

This card has had some shakiness in payments (not always being made on time) and I just want nothing to do with the company. The card has been cut up for some time now.

Can you offere advice if it is beneficial to cancel credit cards? How does this impact my credit score and how to most creditors view this? I want to buy my first home in the next 5 years. Thanks in advance.

By: thehungrydollar.com

thehungrydollar.com — Mon, 24 Mar 2008 09:44:34 +0000

“33. Hotel keys and other low-coercively stripped cards are susceptible to being scrambled by a weak magnetic force, including cell phones.”

No matter how many times I stay in a hotel, I always manage to do this! You’d think I would learn!

By: Dave

Dave — Sat, 16 Feb 2008 19:36:58 +0000

Didn’t take long to get better educated!
Could and should be taught in every high school for practical purposes. Thank you

By: Matt

Matt — Thu, 17 Jan 2008 05:20:50 +0000

Great read. I learned a lot in 10 short minutes, I wish there were 50 more fun facts. As I Business student in my sophomore year of college, I can say that I will be using this knowledge quite often. This article helped me to get ahead of the game (hopefully).

By: Brad

Brad — Wed, 09 Jan 2008 18:38:07 +0000

If by signing the credit card agreement the holder waives their right to sue the credit card company, can the credit agencies be sued? The interest rate credit card companies charge are up there with loan sharks (illegal) and the only way to maintain good credit is to stay in debt. I’ve paid off all credit cards, have a good income, own my home, even cleared up erronius items on m credit report but because I’m not using the paid off cards they are unwilling to lower the interest rate. Basically, they consider my credit bad. How is this legal? America needs to wake up.

By: paul

paul — Tue, 01 Jan 2008 01:23:55 +0000

That is a little childish, Jerry. If you don’t want applications you should opt out. I work for a credit card company and a few times some people have sent back the postage paid envelope with nude pictures of themselves…

And RA: the company I work for (Visa bank) still had bankrupt accounts on file from the early 80’s. We recently purged those but yes, as of 2004 we would decline someone even with perfect credit due to a previous loss taken. You would be amazed at the number of people who file more then one bankruptcy in their lifetime.

By: jerry

jerry — Tue, 30 Oct 2007 23:59:45 +0000

*47. 6 offers a month
I open them and take out the postage paid envlope and insert their application and write no thanks and mail it back to them
some one there has to open it and they have to pay the postage

By: buergday

buergday — Thu, 13 Sep 2007 21:54:26 +0000

Here’s a fun fact…
If you had a typical department store credit card and were to make just the minimum monthly payments, it would take you nearly 14 years to pay off a balance of just $1,500? Add up the finance charges over that period, and your total payments would come to $4,924.77 — more than 3 times your original balance!

By: Lauren

Lauren — Tue, 28 Aug 2007 16:10:43 +0000

Jim,
Is it illegal to charge business and personal charges on the same credit card, if we pay each item separately from appropriate accounts? I have been doing this for years, and my accountant just informed me that it is not legal, which I think is wrong information, but cannot locate a place to find the answer — can you lend me some correct facts?? thanks — Lauren

By: Justin Pirnie

Justin Pirnie — Mon, 25 Jun 2007 19:13:57 +0000

Good for the merchant. The credit industry and more importantly the Federal Reserve have devalued the American dollar. We have created a punitive system of debt where a “dollar” is no longer worth a dollar. Ever been charged $8 by a bank for cashing a check because you don’t have an account? Billions of dollars are being funneled off to the wealthy so that we can “use” our own currency while they get fat on transaction fees.

Use cold hard cash. You will drink less and you may make it home in one piece.

By: Rob Stone

Rob Stone — Fri, 25 May 2007 23:21:34 +0000

i am interested in getting the definition of “Date of Last [Account] Acivity.

may be different by state (in which case interested in new york) but failing that, in general.

is it date of last activity on the card (as in charges)? date of last payment to the creditor? and if its the last payment date, does a “settlement” count as “last activity”?

clearly am trying to figure out how to define the 7 years from “last activity” because over the years, the creditors seem have been moving the goalposts even though all were settled completely.

thanks for your insight.