Your Original Credit Card

Hi everyone. I hope your week is going well. I hope you’re not overwhelmed by all of the information and articles I’ve been providing you. I just want everyone to be educated and know their power when it comes to their credit.

I know this article may get some raised eyebrows, but hear me out. When we look up the definition of a “credit card” in Google, it says something like “a card issued by a financial institution….” Well, that’s not entirely correct. And I have the law to prove it.

Before I continue, THIS IS NOT LEGAL ADVICE NOR DO I GIVE LEGAL ADVICE.

Since that’s out of the way, look up 15 US Code 1681a (Fair Credit Reporting Act) and scroll down to letter (r) where it provides “Credit and Debit Related Terms.” You’ll see congress defines both a “credit card” and “debit card.” The funny thing is, debit card is defined as “any card issued by a financial institution…” That makes since given we use these for electronic fund transfers directly from OUR bank accounts.

But when you look at the definition for “credit card,” it states it has the same meaning as in section 1602 of the title. 15 US Code 1602 is part of the Truth In Lending Act, which governs consumer credit transactions (buying cars, homes, credit cards, etc. )

The definition for a “credit card” under section 1602(l) is “any card, plate, coupon book or other credit device used to obtain money, property, labor, or services on credit. “

Why didn’t congress say a credit card is a card issued by a financial institution just as a debit card. There are three things that came to my mind after reading the section:

1. The word “any” means no restrictions or limits. That means ANY card used to obtain money, property, labor, or services.
2. The universal cards used to obtain the items listed above are always my social security card and my drivers license. This, in itself, says alot about the power of our credit and who originates credit.
3. What is supposed to be excluded from our consumer credit reports per 15 US Code 1681a(2)(B). I can’t give legal advice, but if you read this section and really understand it, it will blow your mind.

Feel free to follow me on Instagram @that_moneyhacker and, remember, our ebook “Bank Secrets” is available if you want to learn how to leverage your credit to pay for your lifestyle without drowning in debt.