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Credit card |
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A plastic card bearing an account number assigned to a cardholder with a
credit limit that can be used to purchase goods and services and to obtain
cash disbursements on credit, for which a cardholder is subsequently billed
by an issuer for repayment of the credit extended at once or on an
installment basis.
A card indicating the holder has been granted a line of credit. It
enables the holder to make purchases or withdraw cash up to a prearranged
ceiling. The credit granted can be settled in full by the end of a specified
period or can be settled in part, with the balance taken as extended credit.
Interest is charged based on the terms of the credit card agreement and the
holder is sometimes charged an annual fee.
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