credit card


credit card
A plastic card issued by a bank or finance organization to enable holders to obtain credit in shops, hotels, restaurants, petrol stations, etc. The retailer or trader receives monthly payments from the credit-card company equal to its total sales in the month by means of that credit card, less a service charge. Customers also receive monthly statements from the credit-card company, which may be paid in full within a certain number of days with no interest charged; alternatively, they may make a specified minimum payment and pay interest on the outstanding balance. Credit cards may be used to obtain cash at a bank or its ATMs.

Accounting dictionary. 2014.

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