Tuesday, May 1, 2007

Facts About Credit Cards

This article from Blueprint for Financial Prosperity offers some of the old history of Credit cards which still exist today. Extremely interresting read.

7. The Visa logo colors were chosen because the blue represented the sky and the gold represented color of the hills in California where Bank of America was founded.

13. Wonder why minimum payments are so low? It allows consumer to carry more debt while keeping to the same low minimum payment. You can give someone with the ability to pay $100 per month a credit limit as high as $5,000 if they only had to pay 2% a month. If the minimum payment were 5%, they could only have a credit limit of $2,000. The lower the minimum payment, the deeper in debt someone could be in.

Blueprint for Financial Prosperity

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