CREDIT CARD
Topic covered
•Definitions
•Size
of Credit Card
•History
•Function
of Credit card
•Types
of Credit card
•Benefits
of Credit Card
•Features
of Credit Card
Definitions:
A
credit card is a payment card issued to users (cardholders) to enable the
cardholder to pay a merchant for goods and services based on the cardholder's
promise to the card issuer to pay them for the amounts plus the other agreed
charges.
A
credit card is different from a charge card, which requires the balance to be
repaid in full each month.
A
credit card also differs from a cash card, which can be used like currency by
the owner of the card.
A
credit card differs from a charge card also in that a credit card typically
involves a third-party entity that pays the seller and is reimbursed by the
buyer, whereas a charge card simply defers payment by the buyer until a later
date.
Size of
Credit Card
The size of most credit cards is 85.60 mm × 53.98 mm (3 3⁄8 × 2 1⁄8 inches) and rounded corners with a radius of 2.88–3.48 mm, conforming to the ISO/IEC 7810 ID-1 standard, the same size as ATM cards and other payment cards, such as debit cards.
Function of
Credit Card
Following below are the functions of the Credit card-
Economy
in the use of money
Easy
exchange and remittance
Promotion
of trade especially foreign trade
Expansion
of bank credit
Benefits
to consumers
Credit
to the government sector
Stability
Benefits of
a Credit Card
Here are some benefits of Credit card:-
Credit
Score
Secure
Alternative to Cash
Emergency
Cash
Increased
Purchase Power
Interest-Free
Credit
Grace
Period
Reward
Points
Welcome
Benefits
Tracking
purchases
Features of
a Credit Card
Cash
Withdrawal
SMS
Alert
Customer
Services
Balance
Transfer
Equated
Monthly Installments
Add-on
Credit Card
Utility
Bill Payment
Worldwide
Acceptance
Draft
or Cheque Issuance
Online
Accessibility
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