10 facts about credit cards

Here’s a few interesting facts about credit cards from www.compareandsave.com, one of the UK’s leading credit card comparison sites:
1. 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.
2. 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.
3. 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.
4. The most common size for a credit card in 85.60 x 53.98mm.
5. 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.
6. 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
7. A shocking 70% of consumers with cards did not take the time to compare credit cards before applying.
8. 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.
9. Credit cards must be signed by the authorised cardholder in order to be valid.
10. Credit cards may be your ‘flexible friend’ but if you bend them too much, they will snap!

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