How often do you use your credit card? If you’re like most people, you pull out your credit card at least a few times a week. But, there’s probably a lot you don’t know about these plastic cards that you rely on so much. So, we’ve listed out some interesting facts about your credit card.
Your Card’s First Digit Indicates the Industry that Has Issued It
Did you know that the first digit of your card is indicative of the industry that issued it? For instance, 1 and 2 indicate it is an airline credit card, 3 is for the entertainment and travel industry, 4 and 5 are for banking institutions, and so on.
Your Account Never Expires Although Your Card Does
Although your credit card has an expiry date, your credit card account really never expires. Your card expires since the physical card only lasts for about 4 years due to how extensively it is used. Also, by periodically sending you a new card, credit card companies can ensure the safety of your account.
Credit Cards Were Used Even in The 19th Century
Long before credit cards began to be used and accepted as a form of payment, farmers in the 19th century would use “credit cards” at local stores due to their income being seasonal. Stores would issue credit cards to farmers, and farmers would use their cards when making a purchase.
Until 1974, Single Women Were Not Allowed to Get Credit Cards
Until when the Equal Credit Opportunity Act of 1974 was passed, single women were not allowed to get a credit card! Women could only get credit cards if their husbands would co-sign for the card. The 1974 law is what made it illegal for credit card providers to discriminate against applicants on the basis of sex, color, race, marital status, etc.
All Valid Credit Card Numbers Can Be Validated Using the Checksum Formula
Valid credit card numbers follow the Luhn algorithm. This means if you double every second digit, starting from the right, and then add these digits, the number will be divisible by 10. If it is not, it would mean that the credit card number is invalid.
