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Universal Guide to Credit Cards

Below are a few important facts about credit cards, which rarely get much attention in the news for some reason:

  1. The average American Family has 8 credit cards.
  2. 55 million Americans pay off their credit card bill in full each month.
  3. 35 million Americans pay only the minimum payment required each month.
  4. The credit industry's jargon for someone who pays his or her bill in full every month is "a deadbeat."
  5. The average American family carries a credit card debt of roughly $8,000.
  6. A credit card company must give its customers 15 days notice when changing the terms of the cardholder contract.
  7. The credit card issuer can raise your APR automatically for any of the following reasons: You went over your credit limit on another card; you failed to make a payment to another creditor; you applied for and received a loan.
  8. The Office of the Comptroller of the Currency, part of the U.S. Treasury Department, regulates the national banks which issue most of the credit cards in the U.S. (banks such as Chase, MBNA and Citibank).
  9. If your credit card is stolen - or if your card number is stolen - and used by a thief to charge purchases, you are only obligated to pay the card issuer a maximum of $50.00.
  10. A high FICO score indicates that the individual is likely to pay their bills.

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