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How Credit Cards Work?

traveler Rep Points: 1,055

Posted on April 8, 2009 at 10:46 am

A credit card is part of a system of payments, issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advanced to the user A credit card is requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most

simplyoj Rep Points: 50

Posted on April 9, 2009 at 9:52 am

credit cards will just prolong the days you have to pay for your purchases instead of giving your cash the moment you did the purchase. Cashless purchasing can be addicting so you have to learn how to be responsible in using it.