What is a credit card
A Credit Card is a small card, made from plastic, issued usually by banks for users (consumers), as a easy way of payment.
The issuer of the credit card, grants a line of credit to the user (consumer). User of credit card is able to borrow the money to use them as a payment at shopping places where, points of sale machines accept credit cards payments.
In shortly, holder of the credit card is allowed to buy goods and services and re-pay the balance of the borrowed money, later on.
The issuer of the credit card, grants a line of credit to the user (consumer). User of credit card is able to borrow the money to use them as a payment at shopping places where, points of sale machines accept credit cards payments.
In shortly, holder of the credit card is allowed to buy goods and services and re-pay the balance of the borrowed money, later on.
 | The shape and size of conventional credit card is internationaly specified by ISO standards. Regular card size is defined as 85.60 × 53.98 mm (3.370 × 2.125 in) (33/8 × 21/8 in). |
Direct predecessor of credit card was charge card. Holder of charge card, was required to pay the full balance, each month. There were no any credit involved in charge cards. Credit cards have changed the situation. Credit cards allow holders to get line of credit and continuosly use the borrowed money for purchases, up to the credit limit. As for all kind of credit, there are interest rates are added to the credit balance, as a payment for lender of the money.
Copyright 2010-2011 by Dariusz Kudłaty
