Posted on 22 April 2011
Tags: American banks, American Express, annual fee, Bank of America, Black Centurion Card, Business, card holder, card issuer, cardholder, cardholder agreement, cash, cash back bonus, credit card, credit card industry, credit card surcharge, credit card transactions, Credit Cards, credit-card issuers, Diners Club, Discover Card, e 85, existence, Expiry Date Of Credit Card, financial services, financial venture, interesting facts, issuer, Merchant, minimum payment, Modern Credit Card, most expensive credit card, New York City, sears, transaction, unpaid debt, Visa Card
The first “Modern Credit Card” that can be used for paying parties other than the card issuer was started in 1950. It was issued by Diners Club in New York City. Initially they were issued to about two hundred people, most of them known to the owner. These were used mainly at the restaurants and were accepted at 14 places initially.
Since then there have been many developments in the credit card industry. Here is a choice of 10 interesting facts about credit cards.
1. Most Expensive Credit Card
Black Centurion Card offered by American Express is the most expensive credit card at the moment. It has an annual fee of $2,500 and requires the cardholder to spend at least $250,000 a year through credit card transactions. In some countries it also requires a
one-time joining fee.
2. How Visa Card Came Into Existence
In 1958 a credit card was issued by Bank of America. In 1970 the other American banks also joined and its control was handed over to a joint financial venture. In 1976 the name Visa was given to this operation.
3. Cash Back Bonus
Sears introduced its Discover Card in 1985. It was a big hit not only because it did not charge any annual fee, but it also actually offered an up to 5% Cash Back Bonus.
4. Is Low Minimum Payment Good For You?
The answer is a big NO, because that means more of the unpaid debt, which ultimately means more INTEREST.
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Posted on 25 July 2009
Tags: account number, Billing disputes, cardholder account, cardholder agreement, complaint letter, credit card fraud, credit card rights, disputed item, fair billing rights, Fair Credit Billing Act, Fair Debt Collection Practices Act, identity theft, Unauthorized charges
It is a good practice to read the terms and conditions of any agreement document before you sign it. When you apply for a credit card, your signature on the credit card application acts as your acceptance of the terms and conditions that have been set by the issuing financial institution. Although you may think that the issuer has the upper hand in all matters related to using the credit, its not entirely true.
A credit card customer has certain rights, many of which are provided under the Fair Credit Billing Act. But the important thing about exercising these rights is making sure that you take all required steps in the right order and time frame specified. Let us discuss some of these problems and the steps that should be taken to solve them, starting off with the biggest credit problem, billing disputes.
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