OK, after I started doing this I admittedly felt like a C.I.A. agent in The Bourne Identity or something -- I would be able to walk into a bank branch I hadn't visited in months, verbally give the teller my account number & info, and literally have the balance cleared out in cash.
This trick isn't just for impressing friends, or yourself, though. It has many practical uses. Last week I was at work surfing the Web and saw a great gift for a family member. I had left the card I normally use for regular purchases (one of my American Express cards, if you must know) back at home.
Luckily for me, I have the credit card number completely memorized. Guys (and girls), this isn't the most important personal finance tip I will ever share with you, but it is damn useful: memorize your bank account numbers. Memorize your credit card numbers. Once you get the hang of it, it becomes surprisingly easy, and it gives you an added layer of confidence.
My apartment building could burn down tomorrow and I could lose access to my email account, yet I would know how to get my hands on most of my assets within a matter of hours. It's a nice feeling, regardless of whether you're Jason Bourne or just a twentysomething looking for greater financial freedom.
Depending on which psychology textbook you consult, most of us without training can store five to seven unique "blocks" of information in long-term memory without much effort. Obviously, as you move closer to seven or more blocks of information, it becomes harder to do.
American Express cards (I'm not shilling for them, I swear!) are the easiest to memorize, since your card number is broken into 3 unique blocks, as such: 1000 300000 20000. The first portion is your issuer's BIN number, the next part makes up your actual account number. But, of course, you need to know all of it to make a purchase somewhere.
1,000
300,000
20,000
Pretty easy to memorize, right? It's only three numbers. Then you need to know your security code, which is the four digits on the front of the card (three digits on the back of the card if you have a Visa or MasterCard). That's easy to memorize. And expiration date, such as 07/12, which can be reduced to one block of info: 0712. Or even 712.
So for your typical AmEx account, we are talking about only five unique blocks of information. That's something that can be memorized within minutes. And if you are new to this, don't fret -- it becomes easier as you grow used to memorizing account numbers. Information that was once alien grows familiar.
Visa and MasterCard accounts are a bit trickier: 1000 2000 3000 5000. Make it simpler by grouping into larger numbers. Structure it similar to an AmEx account number: 1000 200030 005000. Then memorize your expiration date, which you will do automatically over time, and your three-digit security code.
Here are some other times when memorizing your credit card number will come in handy, other than online shopping:
- Physically filling your account number out, such as on a magazine subscription form
- Calling your customer support number, especially if reporting a lost or stolen card (your card is stolen, how could you have the card in front of you?!)
- Reaching customer support without pulling your card out of your wallet (AmEx, Citibank and many other issuers ask for you to type your credit card number in to expedite the process)
Plus, it's a great mental exercise, and once you get good at memorizing account numbers, you will discover a cool ancillary benefit: greater overall memory recall. It's so much fun to remember a person's name you met only briefly at a party.
Trust me, this trick comes in handy -- professionally, romantically and socially. It's flattering when you remember someone's name months after meeting them.
Photo Credit: thechristianalert / Flickr
