what is credit card?

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what is credit card?

Postby tonymaffoy on December 5th, 2008, 6:47 am

A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Also called charge card.
:roll:
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Re: what is credit card?

Postby Julius on December 5th, 2008, 11:27 am

tonymaffoy wrote:A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Also called charge card.


Very good description for credit card and i absolutely agree. However, credit card is not a charge card.

Charge card gives you short term loan (without interest) monthly which can be used for 30 days (1 month) usually and must be paid in full at the end of period. Thee is no "minimum payment" other than full balance. Fail to pay in full results in very high late fee which can be up to 7% of the balance and possible cancellation.
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Re: what is credit card?

Postby Fernando on June 10th, 2010, 6:59 am

A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the soul credit rating.
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Re: what is credit card?

Postby ccco on July 24th, 2010, 3:43 pm

You can get more information at What is a Credit Card? page.
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