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Credit and Debit Cards
Credit cards are instruments that facilitate revolving debt for consumers so that they may acquire goods and services and pay the card issuer the amount of the charge plus interest at a later date. Debit cards pay for purchases at the time of sale by deducting the amount immediately from the consumer's deposit account.
Total questions 17300
What should a letter to close a credit card account include?
From what I understand, if you are closing an account in good standing, it is important to include in your letter a request,...
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Can you get a credit card without a Social Security number?
In the US, banks and the institutions backing department store credit cards require Social Security numbers; this is the only way...
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How is your balance calculated according the finance charge on owner financing?
Examples of computation methods include the following: This is the most common credit card balance calculation...
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Can credit card companies garnish your wages or take away your house?
Yes they can, but there are so many factors that must be in order before they can do that. For example, they must consider the...
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What happens if a person dies and has a lot of credit card debt?
I pasted this answer in from a "Inherited Debts?" advice page. I assume it's a valid answer. So what happens to the...
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What will happen if you do not pay your credit cards?
I had written above where I had a court date and had lost my job in 2005. I called Legal Aid and they got me out of that credit...
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Should you close credit card accounts that you are not using?
Closing Credit Card Accounts Here are answers and opinions from FAQ Farmers: To ward off fraud, yes, you should. Most...
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Will settling a credit card debt hurt your credit?
Updated June 24, 2009 The first step that most U.S. banks require to begin the settlement negotiation process is that the...
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Does cancelling a credit card you haven't used in a while lower your credit rating?
Cancelling a Credit Card The length you've had a card does help your credit score. That's why they say to keep the old ones....
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Can you lose your house for non-payment of a credit card?
Losing a House for Non-Payment of a Credit Card It is very unlikely they will or even can take your home. This is very true...
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Should you pay third-party collection agencies for your charged-off credit cards?
Paying Third-Party Collections for Charged-Off Credit Cards You will find more benefits dealing directly with the creditor than...
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How do you dispute a credit card charge?
Disputing a Credit Card Charge Issuers must follow rules for promptly addressing a credit card dispute. You'll get a...
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How does the credit card refund process work?
WHEN YOU RETURN A PRODUCT THAT WAS PAYED FOR WITH A CREDIT CARD,IT IS REQUIRED THAT THE MERCHANT SEND THE CREDIT TO THE CREDIT...
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Should you get a secured credit card?
Secured Credit Cards Secured credit cards can be an effective way to build or re-establish your credit history. However, some...
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How do you stop random credit card inquiries like the ones who send credit card applications in the mail saying 'you've been pre-approved based on your credit rating'?
Stopping Unsolicited Credit Card Applications Here is advice: The Fair Credit Reporting Act also entitles you to contact...
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What should you do if your credit card is lost or stolen?
Report a lost or stolen credit card to the card issuer as quickly as possible. Many companies have toll-free numbers and 24-hour...
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How should you choose a student credit card?
Choosing a Student Credit Card If your student credit card uses different rates for purchases, transfers, and cash advances,...
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If you allow someone with poor credit history to be an authorized user on your credit card will it lower your credit score due to their poor history?
I was a authorized user on one of my exwifes accounts and did not realize it. I noticed my credit score was going down steadily...
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How can you obtain a Russel Simmons credit card?
Call...1-800-RUSH-CARD
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How many numbers are there supposed to be on a credit card?
There are 16 digits for a credit card account. However, additional numbers are on the back side of the card. They include the...
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Can you be arrested for credit card debt?
Arrested for credit card debt You cannot actually be arrested for Credit Card debt. Being in debt and owing money in general is...
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Where can you get a credit card comparison?
Credit Card Comparison Many Web sites purport to offer unbiased credit card comparisons, but actually just link to credit card...
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Does transferring credit card balances affect your credit score?
Transferring balances Transferring the balance doesn't usually affect credit. You actually will be better off doing this for...
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What is a credit card grace period?
A "grace period," is an interest exemplary period; you can avoid paying interest on your credit charges if you pay off your...
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Can a collection agency sue you?
Collection agencies A collection company CAN take you to court to get it's money, however, this is unlikely for debts under...
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Are you responsible for fraudulent credit card charges?
Fraudulent charges As a general rule, . The federal government mandates that you can be held liable for only $50 of...
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Will a credit card company accept a payoff of a certain percentage?
Payoffs It really doesn't matter what the balance is ... as sad as it is to say, you are more likely to get a larger settlement...
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Should you do a credit card consolidation?
Credit card consolidation Credit card consolidation allows you to make just one payment to the consolidator, instead of...
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If you are behind on your credit card payments can they foreclose on your house?
Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property. Answer USUALLY...
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Do you have to pay off your credit cards if you are permanently leaving the country?
Some of these answers refer to "getting away with it so far" as if there is something the credit card companies/debt collectors...
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Are you responsible for your spouse's credit card debt after they die?
Spouse's credit card charges My husband says he actually heard the answer to this on a radio show the other day. The answer...
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Can you increase security by not signing the back of your credit card?
I don't think the credit card companies will allow this. They check your signature as a method of verifying your identity. If a...
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What should you do if you are deep in credit card debt?
If credit card debt has become a problem, consider the following steps: Stop adding to your existing debt. Cut...
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Can you do a balance transfer from someone else's credit card?
Balance transfer Yes, balance transfers are commonly used to move balances from a high APR to a lower rate. But the transfer...
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Can a credit card company garnish your wages?
A creditor can not garnish your wages without a court order. Actually, the only thing they CAN do is to take you to court, which...
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How do you understand credit card application terminology?
Credit card terminology All credit card applications (click for a sample) must contain certain key information in a disclosure...
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What happens if you cannot pay off your credit card debt?
Most people know credit cards are unsecured debt(s). And some are under the mistaken idea that the companies have no recourse if...
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What is the process for when a collection agency sues you for a credit card debt you owe?
Collection agencies Collection agencies do not have the power to initiate a lawsuit. They may refer an account to an...
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What is the highest interest rate allowed by law for an unpaid credit card?
There are state usury maximums. If the credit card is issued by a "national" or federal bank there is basically no ceiling,...
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Is there a time limitation on collecting a charge account?
Credit card co's usually will hold an account until it is 180 days, before taking actions against it, charging it off, placing...
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If you have different balances with different rates on the same credit card can you choose which to pay down first?
As far as I know, there is no law about this, and it will be governed by your agreement with the credit card company. It will be...
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What is an APR?
The Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a yearly rate. It must be disclosed before you...
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How do you avoid credit card fraud?
Here are some tips to help protect yourself from credit card fraud. Sign them as soon as they arrive. Carry them...
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Will your credit score improve if you are an authorized user on a credit card account?
UPDATE: It was true per the last answer, but I have been researching this and found out that FICO has "Fair Isaac Innovation...
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What does it mean to be pre-approved for a credit card?
Generally, pre-approval indicates particular consumers meet general, but not necessarily specific criteria for extensions of...
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Why is it harder to get a credit card than a car loan?
It's harder b/c credit cards have a very tough time collecting on bad debts. Car loans usually have a lien on your vehicle, so...
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How can you find out how many credit cards have been issued in your name?
You need to obtain a copy of your credit report. There are many places that will provide this for a small fee (under $20.00), or...
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What is a delinquency credit card rate?
Some cards with a low APR for on-time payments apply a very high APR if you are late a certain number of times in any specified...
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Where can you get help for a dispute with a credit card company?
I would start by calling your state's Better Business Bureau. Every state has one. If they can't help you directly, they can...
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Can the authorized user be sued for charges on the credit card?
You can't be sued by the credit card company since it states in the agreement for authorized users that the person is not...
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How do you choose a credit card?
Here are some tips for choosing a credit card company (or evaluating a credit card company that you currently use). Make...
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Why would a restaurant put a temporary charge on your credit card?
Assuming that you are not a cheapskate, you will be leaving a tip. The restaurant only places the temporary authorization there...
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What do you do if someone steals your mail and gets a credit card in your name?
The Federal Trade Commission has excellent information for people who are victims of identity theft. The Fair Credit Reporting...
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Do you need credit card insurance?
According to the Federal Trade Commission: Don't buy "loss protection" credit card insurance. Telephone scam artists are lying to...
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What happens when you are in a nursing home and can longer pay your credit cards?
You will default on your credit card accounts. Being an unsecured loan, there is little a credit card company can do. That is a...
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Can a credit card company audit you in Texas?
It depends on what you mean by "audit". It's extremely hard to touch TX accounts, due to strict guidelines. It depends on balance...
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How do you locate the mailing addresses of credit card companies with whom you have accounts?
I just got my credit report from Equifax and it had all the creditors addresses (open and closed) included when I viewed the...
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How secure are credit cards?
Technically, there is nothing to stop that phone operator from taking down all your credit card info for her/himself and using...
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Can a credit card company raise your APR because you have too much outstanding debt?
They are probably raising it because your credit score is lower due the outstanding debt. This being said, a credit card company...
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Will paying one credit card bill 3 or 4 days late affect your credit history?
In order for a late payment to affect your credit history and FICO score, the payment must be a full 30 days late from the...
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How long after a payment is made to your credit cards does it take to reflect on your credit report?
Depending on when in your billing cycle the payment was made and what the company's reporting policy is, I would say generally...
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Can a credit card company continue to charge interest on a charged off account?
Charged-off does not mean that you no longer owe the debt or the interest on it. It is an accounting entry that prevents the...
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What should a college student know about credit cards?
Before you start using a student card, decide what it will be used for. Remember that a credit card limit is not free money. It...
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What is a credit card?
Credit cards A credit card system is a type of retail transaction settlement and credit system, named after the small...
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If a credit card company writes off a debt can you still be sued by a collection agency?
Credit Card and Collection Ageny Debt A collection agency cannot sue without the approval of the original creditor. Actually...
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Can your employer apply for a company credit card in your name without your permission?
Ordinarily, that would be fraud, but from the credit card co. standpoint, you accept responsibility once you make a purchase on...
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Can a collection agency charge you more money than what your credit report states you owe?
Yes. Remember that credit repost are usually any where from 30 to 90 days behind. So, if a debt was originally $100.00 when it...
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When you are trying to repair your credit and have a debt in collection it is wise to settle or file bankruptcy?
You can often settle these debts for .30 on the dollar. Depending on the amount, it is better to settle. If it is something...
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If your husband has a two collection accounts and you have perfect credit yet he's the one with the income can you get approved for a mortgage?
Yes, your perfect credit will bring your combined scores up. When you jointly apply for a mortgage they use both of your middle...
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Can you schedule your payments to credit card companies just slightly ahead of the date each month that they report to credit reporting agencies?
If you mean... Your payments are due May 5th and you pay May 5th payment on June 3rd... Then yes, they cannot report Mays...
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Do you have to pay a credit card bill if you have left the country?
My first response is: have some self respect and don't borrow what you aren't going to pay back. You still owe the balance,...
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Is credit card elimination a scam or legitimate?
Unsecured debt elimination is based on accepted accounting procedures. In arbitration the issuing company is asked to show their...
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Will making a first payment on a debt after the statute of limitations has run out reset the statute of limitations in New York?
It may not reset the date entirely, but it can affect the SOL. You need to do some research on the internet regarding NY SOL. ...
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Can you get a credit card without a job?
Obtaining a credit card I did. In fact, my first card was a gold card. I had no job, hadn't had one for years. Nor did I have...
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How often should you use balance transfer offers?
Use balance transfer offers with caution. Many of these offers are only for a limited time only so be sure you will have the...
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How do you clear your credit report if your roommate fails to pay a utility bill?
If the bill was in your name, there is really nothing you can do about it. Sorry, but... the CR's are not concerned if your...
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Will getting a signature loan to pay off one of your credit card balances lower your credit score?
New Answer Elaborating on the below answer, yes possibly initially for a month or two; just the length of time it would take...
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If you have a late overdrawn credit card balance of 3000 dollars should you pay the amount off gradually or take an offer of 800 dollars to settle the debt?
I would accept the offer. Sometimes they list it as settled, sometimes paid off Answer If you accept an offer of less...
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Is a retailer responsible for fraudulent credit card charges?
I'm not sure about your particular case, but I know that unlike consumers, retailers are generally liable for check/credit card...
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Can you use a debit card as a credit card without your PIN number?
Only if it is a "check card." Debit cards require a PIN number, but many banks have switched to check cards that can be used as...
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Are credit card companies or banks required to keep on file the original credit application?
addendum to question: want to know same thing because mbna is insisting my ex boyfriend is a co-signer and i know for sure he was...
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Is high credit card debt or a high car loan more detrimental to your credit score?
Both are equally as bad. Credit Cards more so. Is easier to get things if creditors see your paying on one "big" thing. Where...
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Why would your 25K credit card limit be reduced to 6K?
My credit limit for one of my cards was reduced due to a negative report that showed up on my credit report as a result of a bad...
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Can your request a list of charges from your credit card company?
Most credit card companies (at least the higher up ones like Capital One) will give you a list (by email, or through mail) in a...
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What can you do if your credit card company is suing you for nonpayment?
Two very important things, respond to the summons, and make certain to claim all the property exemptions that are allowed in...
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Will returning item bought on a credit card affect your credit history?
No. The merchant may drop you from his preferred customer list if he notices a lot of returns, but the credit card company...
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Who is responsible for credit card debt if your spouse dies and the credit card is in his name only and husband leaves everything to his son?
The "estate" of the deceased, including assets and debts are filed in Probate Court. If there is a will, that also enters into...
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Does credit card jumping hurt your score?
Since 1986 No Money Down programs have counciled developing credit by withdrawing funds from one credit card & using it to pay...
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Can you use your credit card to pay your monthly mortgage payment?
I don't see why not. But why would you even want to? You're already paying interest on your mortgage. If you use a card to make...
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How should you distribute credit card debt to improve your credit score?
You should only have 3-4 cards. Only what you need. Too little of cards is bad, too many is high risk. Typically, mortgage, car...
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Do some retailers not accept credit cards?
Use cash Answer Certainly, many do not accept credit cards. Generally for these reasons: 1) Credit Card Cos require both...
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Is it legal for a credit card company to garnish your wages?
Check out this URL: hklaw.com Answer If a creditor sues the debtor and wins, the creditor/plaintiff will be awarded a writ...
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What happens to the interest rate on your credit card if you've filed for Chapter 7 Bankruptcy?
If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed...
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Does canceling inactive credit cards help your credit score?
I am a senior credit counselor, and actually closing your cards will hurt your score, the way your score is calculated is by how...
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When a credit card has different balances and interest rates can you choose which balance to pay?
Probably not, unless you can find something in your contract that will allow you to do this. The card issuer is going to apply...
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If you cancel a credit card without activating it will it still appear on your credit report?
No, in order to actually use the credit card you need at activate it. But many years ago when they just sent you the cards, I...
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What legal rights do credit card companies have to recover debt from someone's estate?
They typically have a right to make a claim against the estate if the estate is open and to open the estate to get their claim...
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What happens if you get sued by the credit card company but you can not pay the debt in florida and lose the case by judgement?
If the company wins a judgment, which is more than likely. Not having the money to pay a debt is in "legalese" not a valid...
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What should you do if someone is trying to get a credit card in your child's name?
Credit card fraud /is/ a crime. If you know which company contacted you, I would get in touch with them and let them know what...
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How many numbers does a credit card normally have?
There is no set number. My major credit cards all have 16. Typically, VISA numbers begin with 4, Master Card with 5 and...
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