Credit card rate rise covers lost revenue, says expert

Credit card providers have increased interest rates in an attempt to make up for revenue losses brought on by the OFT's cap on penalty charges and an increase in the number of bad debts, according to a leading financial information provider. In April, the OFT said that penalty charges imposed when customers defaulted on repayments should be no higher than £12. Since then, a number of credit card providers have increased their [...]

About Credit Cards Work

Have you ever stood behind someone in line at the store and watched him shuffle through a stack of what must be at least 10 credit cards? Consumers with this many cards are still in the minority, but experts say that the majority of U.S. citizens have at least one credit card -- and usually two or three. It's true that credit cards have become important sources of identification -- if you want to [...]

History of Credit Card

The concept of using a card for purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Bellamy used the term credit card eleven times in this novel. The modern credit card was the successor of a variety of merchant credit schemes. It was first used in the 1920s, in the United States, specifically to sell fuel to a growing number ofautomobile owners. In 1938 several companies started to accept [...]