Fabulous Friday Fact - Women’s History Month

Humashankar

 

Happy Friday Everyone! I hope everyone took advantage of whatever springtime weather showed up in your town this week.

To Celebrate International Women’s Day and Women’s History Month I have a fun credit card fact.

In 1950 the first credit card with issued – it was called the Diner’s Club card. Frank McNamara conjured up the idea when he was in New York for dinner and had forgot his wallet at home. He and his business partner Ralph Schneider would invent the Diners Club as a way to pay without carrying cash.

BUT

It wasn’t until 1974 with the passing of the Equal Credit Opportunity Act that a women could be issued a credit card.

Today:

• US women have open more credit card accounts (4.5) compared to US men (3.6)

• US men have a higher credit card balance ($6,357) compared to US women ($6,232) on average

• The average credit score for US women is 704 compared to 705 for US men

• 2012 there was an Amendment to the CARD Act – the amendment allowed for stay-at-home mothers to access credit on their own. Women were recognized to have an equal share in the household income which would allow her to be extended credit.

What a great point to celebrate - hope everyone like it!!

Have a fantastic weekend Everyone!