Over 2.8 billion credit cards are being used in the world. Imagine how many people would be keeping them in wallets and money clips (or money clips wallets). There are wallets and money clips that come with magnets, and you have to be careful not to buy the ones that can damage your credit cards. This is because of the existence of credit cards that utilize magnetic stripe (Magstripe) to store card information. The data on a credit card’s magnetic stripe can be erased and damaged by long-term exposure to the strong magnetic field generated by the magnets in the money clip. Not to worry, using magnetic stripes in credit cards is becoming obsolete due to technological advancement. However, you should ask the credit card issuer if their cards are made with a magnetic strip.