INFO YOU MIGHT NOT KNOW ABOUT CREDIT CARDS

THE AVERAGE AMERICAN CONSUMER

HAS 1.96 CREDIT CARDS

CREDIT CARDS ARE THE MOST PROFITABLE

SECTOR IN THE BANKING INDUSTRY.

BECAUSE THEY DON'T MAKE ANY MONEY OFF THEM,

CREDIT CARD COMPANIES HAVE A NAME FOR

SOMEONE WHO PAYS OFF THEIR DEBT

EVERY MONTH: "DEADBEAT"

THE FIRST DIGIT OF THE CARD REPRESENTS

THE TYPE OF CARD: 1 AND 2 ARE FOR AIRLINES;

3 IS FOR ENTERTAINMENT AND TRAVEL; 4, 5,

AND 6 ARE FOR BANKING; 7, 8, AND 9 ARE

FOR OTHER USES

VISA CARDS START WITH 4 WHILE AMERICAN

EXPRESS STARTS WITH 34 OR 37.

MASTERCARDS IS 51 THROUGH 55

EVEN IF YOU MAKE YOUR CREDIT CARD PAYMENTS

ON TIME, THE CREDIT CARD BANK IS ALLOWED

TO RAISE INTEREST RATES IF YOU DON'T

MAKE OTHER PAYMENTS (HOUSE, CAR, ETC.)

CREDIT CARD COMPANIES ONLY HAVE TO GIVE

YOU 15 DAYS NOTICE BEFORE CHANGING THE

TERMS OF YOUR CONTRACT

DUE TO THE RECESSION AND STRICTER LAWS,

MILLENNIALS ARE LESS LIKELY TO OWN CREDIT

CARDS THAN THEIR PARENTS. GIVEN THE

MASSIVE OUTSTANDING DEBT, HOPEFULLY THE

TREND CONTINUES (ALTHOUGH THE CREDIT CARD

COMPANIES CERTAINLY AREN'T HAPPY ABOUT IT)