Origins of Credit Cards
Before the widespread use of credit cards, most people relied on this method to pay for goods and services
What is cash?
This pair of credit card networks dominate the global payment industry
What are Visa and MasterCard?
Many credit card companies offer this incentive, where customers earn points for their purchases
What are rewards programs?
This payment method allows customers to purchase items contact-free instead of swiping or inserting their card
What is tap to pay?
This financial problem is a result of overspending on a credit card
What is debt?
The first ever general purpose credit card (Diners Club card) was created in this year
What is 1950?
Widespread use of credit cards helped fuel this financial phenomenon where consumers spend more than they would using just cash
What is impulse spending?
This term describes the maximum amount a person is allowed to spend using a credit card
What is a credit limit?
This service allows people to store their credit card on their phone and pay with a scan or tap
What is Apple or Google pay?
This crime occurs when someone steals another person's credit details and uses them illegally
What is fraud?
The first competitor to Visa, this card started as the Interbank Card Association and grew into a powerhouse of global transactions
What is MasterCard?
In modern global transactions, credit card purchases made in different currencies are subject to this fee
What is a foreign transaction fee?
Credit card companies earn money by charging customers this cost when they don't pay their full balance
What is interest?
This recent global event led to a dramatic increase in contactless and digital transactions
What is the COVID-19 pandemic?
This exclusive, invitation-only credit card from American Express is known for its high fees and luxury perks
What is the American Express Black card (Centurion card)?
This is what is entered on a keypad before making a purchase in a store
What is a PIN number?
Excessive reliance on credit contributed to this event in 2008
What is the Great Recession?
Failure to pay a credit card bill on time results in this fee
What is a late fee?
This form of digital payment relies on blockchain technology to process transactions
What is cryptocurrency?
This term refers to illegal lenders who charge extremely high interest rates and use threats or violence to collect payments
Who are loan sharks?
This major credit card company was founded in 1958 as BankAmericard before rebranding to its current name in 1976
What is Visa?
Some businesses charge extra for credit card payments through this fee
What is an interchange fee?
This factor determines the interest rate a person gets on their credit card and it is influenced by payment history and debts.
What is a credit score?
This payment method eliminates the need for a physical card, allowing users to pay directly from their phones
What is a digital wallet?
What is financial regulation?