- The first MasterCard credit card was created in 1966, although it was originally named the "Master Charge" card. The popular credit card did not become known as MasterCard until 1979. Now, MasterCard is a public company traded on the New York Stock Exchange and it serves customers around the world from its headquarters in New York.
- Like most credit cards, MasterCards provide access to credit so you can make purchases or pay bills without having to pay right away. When you receive a MasterCard, you will have a preset spending limit and an annual percentage rate (APR) that determines how much you can charge and how much interest you will have to pay on your purchases. You will be responsible for paying at least a minimum portion of your balance each month. You can also pay off the balance right away.
- MasterCard offers a diverse array of different credit cards to meet the needs of everyone from teenagers starting to build their credit history to multimillion dollar businesses. Their Standard MasterCard is normally recommended for those new to credit cards who need to start establishing a credit history. Gold and Platinum MasterCards are recommended for adults with good credit histories who seek more benefits and services with their cards. The World and World Elite MasterCards offer the benefits of the other cards, in addition to rewards programs and greater flexibility.
- MasterCard credit cards come with a variety of benefits, although the specific benefits vary with the card. All credit cards issued by MasterCard come with "zero liability" protection that protects you if unauthorized purchases are made on a lost or stolen card. Additionally, MasterCards are accepted at millions of businesses and ATMs across the world. Other cards, such as the Gold or Platinum cards, offer more benefits including insurance and warranty programs for purchases. In general, credit cards will help you build a credit history that will impact your ability to receive car loans and mortgages down the road. Using a MasterCard responsibly can help you establish a strong credit history.
- Like all credit cards, it is important to use a MasterCard responsibly. Never exceed your spending limit and always pay at least the minimum payment, if not more, on time. If you miss a payment, your interest rate will probably increase, making all of your purchases more expensive. While credit cards can be valuable financial tools, it is also easy to go overboard and spend your way into debt. Remember that everything you charge will have to be paid back someday, along with interest.
- To apply for a MasterCard, visit www.mastercard.com and click on "Find a Card." The website will give you a list of card options or may ask you some questions to narrow down your preferences. When you find the card you want, click on "Apply Now." That link will take you to the website for the bank that issues the MasterCard. Remember that each bank's application process will be a little different. In general, you will have to fill out an application and supply personal information, including your social security number, employment, income and credit history.
