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Credit Cards
Minors, those under the age of 18, are not obligated to pay back any charges to their credit cards (unless a parent co-signs, but then its the parent who is on the hook) because they are not allowed to enter into a binding contract.
In the beginning, credit cards were just charge accounts, offered by individual stores and only usable at those stores. The first credit card that could be used at multiple locations was offered by The Diner’s Club in 1950.
.In 1984, American Express billed their Platinum Card as extremely exclusive and it had an annual fee of $250 ($484.84 in 2006 dollars). Today, the extremely exclusive card for American Express is their black Centurion card with a $2,500 annual fee! (and requirement to spend $250,000 a year)
Fun Fact : Different credit card companies include a different combination of numbers on the front of their credit cards. Each card company also assigns its own unique expiration dates to its cards.
