"Credit card" Definition
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 Glossary   >   C   >   "Credit card" Definition   

        Credit card

A plastic payment card which allows the owner to obtain goods and services without the requirement to pay cash and on credit terms.Transactions during a month are totalled and presented to the card holder for settlement on a monthly basis. Alternatively a percentage of the outstanding amount can be paid and the balance extended to the next month and so on. This will normally incur a much higher annual rate of interest than usual, for example, 2% per month being equivalent to an annual percentage rate of 26.82%.In addition to obtaining goods, credit cards can be used to obtain cash.

Credit card


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Credit card - A plastic payment card which allows the owner to obtain goods and services without the requirement to pay cash and on credit terms.Transactions during a month are totalled and presented to the card holder for settlement on a monthly basis. Alternatively a percentage of the outstanding amount can be paid and the balance extended to the next month and so on. This will normally incur a much higher annual rate of interest than usual, for example, 2% per month being equivalent to an annual percentage rate of 26.82%.In addition to obtaining goods, credit cards can be used to obtain cash.


Credit card : a plastic payment card which allows the owner to obtain goods and services without the requirement to pay cash and on credit terms.transactions during a month are totalled and presented to the card holder for settlement on a monthly basis. alternatively a percentage of the outstanding amount can be paid and the balance extended to the next month and so on. this will normally incur a much higher annual rate of interest than usual, for example, 2% per month being equivalent to an annual percentage rate of 26.82%.in addition to obtaining goods, credit cards can be used to obtain cash.