If you’re like the average Jacksonville resident, you carry at least one credit card in your wallet. Credit cards are used to cover expenses so we can avoid carrying cash or cover money we may not have available to use at the time. While it is beneficial for many people to use a credit card, there are important facts that may change the way that you think about credit cards. Read below to learn five important credit card facts that you should know before calling a financial services firm jacksonville.
1. Credit cards are a primary cause of consumer debt. It is recommended that you hold only one credit card and use it for emergency purposes only. It is ideal that the card stay in a drawer at home rather than the wallet since this will deter its use.
2. Credit card companies run a credit check to determine if you’ll get approved for a card and the line of credit they’ll grant you. It is expected the money is repaid each month, along with interest fees.
3. Most credit cards carry an annual fee. This annual fee applies whether the card is used or left in the wallet all year. When choosing a credit card company, be sure to consider the annual fee.
4. The Diners’ Club Card was the first credit card ever designed. This card could be used only in New York restaurants. Frank Namarama is the creator of this first credit card.
5. Credit card companies spend an average of $80 to get a new customer to use their card. An average $120 return each year makes this fee acceptable to these card providers.
Did you learn any new information from the facts above? Hopefully you picked up a few exciting details about credit cards that can benefit you in the future.