credit card

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Credit card

Any card, plate or coupon book that may be used repeatedly to borrow money or buy goods and services on credit.

Credit Card

A card entitling the owner to use funds from the issuing company up to a certain limit. The holder of a credit card may use it to buy a good or service. When one does this, the issuing company effectively gives the card holder a loan for the amount of the good or service, which the holder is expected to repay. Most credit cards have variable and relatively high interest rates on these loans. Credit cards also have a limit, which may be raised or lowered depending on the creditworthiness of the card holder. Most analysts recommend treating a credit card as a short-term loan, as allowing the interest to compound for too long may result in dire financial straits.

credit card

a card issued by a financial institution (mainly COMMERCIAL BANKS and BUILDING SOCIETIES), which can be used generally to purchase goods and services on CREDIT up to an agreed limit, or, for example, by a retail group for in-house purchases only. Credit cards are a convenient way of making purchases and many issuers provide the facility interest-free, provided clients pay off the outstanding balance in full when due. In the UK, retailers pay the credit card companies, on average, around 2% commission to participate in the credit card schemes and may pass on this charge to customers who pay for products by credit card rather than cash.

credit card

a plastic card or token used to finance the purchase of products by gaining point-of-sale CREDIT. Credit cards are issued by commercial banks, hotel chains and larger retailers. See EFTPOS.
References in periodicals archive ?
Launched in 2012, the contactless bankcard system was extended in 2014 to cover London s entire transit network including Tube, rail, bus and tram services.
Two-thirds of new bankcard originations occurred among the Super Prime (781 - 850) and Prime (661-780) VantageScore tiers.
In the bankcard sector in 2005, 51 percent of consumers with a new credit card had FICO scores less than 700.
A pilot involving 5,000 volunteers has been trialing contactless bankcard payment across the rail network since April, and the pilot s success is behind today s launch.
Continuing a trend reflected by January-May 2011 data, the number of bankcard originations for subprime* borrowers exhibits a sustained increase over 2010 levels, and now accounts for more than 31 percent of all bankcard originations.
European MasterCard International decided that it would no longer take loss responsibilities caused by using the magnetic cards or the counterfeit cards from 2007 in Europe, which means the overall magnetic bankcards used in Europe would be replaced by the smart cards since 2007.
In addition, total new bankcard limits have risen as well, with increases of more than 27 percent (January - May 2011), and new subprime bankcard credit limits experienced an increase of 68 percent.
8 Development and Investments in Chinese Integrated Circuit Bankcard Industry, 2009-2010
As expected, bankcard delinquencies increased in the first quarter both as a national average and in most areas of the country," said Ezra Becker, director of consulting and strategy in TransUnion's financial services group.
Auto lenders and bankcard issuers today face a similar challenge - the need to grow their business with good customers while cutting their risks and losses," said Lisa Nelson, vice president of Global Scoring at FICO.
Chapter One provides the background on the development of China's bankcard industry.
amp; BEIJING -- It was less than a year ago that a landmark transaction at the famous Macy's Herald Square in New York City kicked off the first phase of a reciprocal acceptance agreement between Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), and China Unionpay (CUP), China's only national bankcard payment network.