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1 year ago 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 accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).[1] The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium),[2][3] and a few gemstone-encrusted metal cards.[2]
An example of the front in a typical credit card: Issuing bank logo EMV chip (only on "smart cards") Hologram Card number Card network logo Expiration date Card holder name Contactless chip
An example of the reverse side of a typical credit card: Magnetic stripe Signature strip Card security code A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle.[4] In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. 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.
A credit card also differs from a debit card, which can be used like currency by the owner of the card. Alternatives to credit cards include debit cards, mobile payments, digital wallets, cryptocurrencies, pay-by-hand, bank transfers, and buy now, pay later. As of June 2018, there were 7.753 billion credit cards in the world.[5] In 2020, there were 1.09 billion credit cards in circulation in the U.S and 72.5% of adults (187.3 million) in the country had at least one credit card.[6][7][8][9]
Technical specifications
History
Cash advance
Usage
Specialized types
Benefits and drawbacks
Security
Costs and revenues of credit card issuers
Fees charged to customers
Over-limit charges
Neutral consumer resources
Credit cards in ATMs
Credit cards as funding for entrepreneurs
Cashback reward programs
See also
References
Further reading
External links
Last edited 8 hours ago by Philipnelson99 RELATED ARTICLES Credit card interest Payment card Card issued by a financial institution that can be used to make a payment Issuing bank
Visa Inc. is an American multinational financial services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa is one of the world's most valuable companies. Wikipedia Stock price: V (NYSE) US$227.20 -2.15 (-0.94%) 10 Feb, 16:00 GMT-5 - Disclaimer Customer service: 000 1 303-967-1096 CEO: Ryan McInerney (1 Feb 2023–) Headquarters: San Francisco, California, United States Founded: September 1958, Fresno, California, United States Revenue: 29.31 billion USD (2022) Founder: Dee Hock