Definitions of credit card on the Web:
A plastic card issued by a bank authorizing payment for purchases. Interest is charged on the outstanding balance.
A credit card is a card whose holder has been granted a revolving credit line. The card enables the holder to make purchases and/or cash advances up to a pre-arranged limit. …
A card issued by a bank that allows the holder to buy goods and services and pay for them later. If, on the due date, the holder does not pay the balance, the bank charges interest on the unpaid balance.
A revolving credit account usually managed by a bank or lender. Credit amount and interest rate are set by lender.
A bank-issued Card that allows consumers to purchase goods or services on credit.
The plastic card used to make purchases.
An extra charge imposed on those who purchase with a credit card instead of cash. (Currently, surcharges for credit card purchases are prohibited.)
A universal payment method that allows the cardholder to make payments for goods and services and receive cash not only through the cardholder’s own account resources but also through credit from the card-issuing bank
(Visa /MasterCard /Amex )
The renter’s name must match the name on the card. To confirm your reservation, it is necessary to provide a credit card guarantee. …
Account with a financial institution, such as a bank, where credit is extended for the purchase of products or services from participating stores or vendors by using a plastic card.
This type of card allows you to purchase items without cash and delays the payment for about 25 days. Some credit cards carry annual fees and all charge and interest rate for charges that are not paid by the end of the grace period. Other charges and fees may apply. …
“Credit card” means a credit, travel or entertainment card.[1997, c. 404, §5 (new); §10 (aff).]
A plastic card that gives access to a line of credit. Users are limited in how much they can charge, but they are not required to repay the full amount each month. Instead the balance (or “revolve”) accrues interest with only a minimum payment due.
an instrument or device, whether known as a credit card, credit plate or any other name; issued (with or without a fee) by an issuer for the use of the cardholder in obtaining money, goods, services, or anything of value; and that creates a liability by the card user in favor of the issuing …
a card that issued by financial institution (also known as a consumer bank or issuer) for each cardholder that has an agreement to repay the outstanding debt on the card. Visa and MasterCard are the most popular brand among all credit cards at the moment.
A credit card gives you the power to buy goods or services now and pay for them later. It represents an approval by a bank or company to use their money. Credit card issuers are usually banks, even though the card may bear another company name or logo. …
A plastic payment card with a magnetic strip issued to purchase goods, services and get cash against a line of credit established by the issuer, whether the issuer is a bank, corporation, company, trust or retail store.
A payment card issued for making retail purchases or obtaining a cash advance from a credit line.
A plastic card with a magnetic strip used to make purchases. The strip holds data about your Account Number and Bank, and a ‘credit limit’ limits the amount you are allowed to spend.
A bank card establishing the privilege of the person to whom it is issued to present it as payment to a merchant; the card bearer must reimburse the credit card company the amount of the sale. …
a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered
A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user’s account after every transaction. …
Credit Card is a pricing game on the American television game show, The Price Is Right. Debuting on December 7, 1987, it is played for five prizes, each worth between $200 and $3,000.
A card indicating the holder has been granted a line of credit. It enables the holder to make purchases or withdraw cash up to a prearranged ceiling. The credit granted can be settled in full by the end of a specified period or can be settled in part, with the balance taken as extended credit. …
[ form of authorization ] For payment by credit card, 3% of expenses are charged by customer who has to fill in the form and make a copy of his credit card, then both documents must be faxed to the following number: (84.4) 75677862. …
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a ‘Card/Cardholder Not Present’ (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant’s acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user’s account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user’s bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
Closed system cards have emerged and replaced the traditional “gift certificate” and are commonly known as “gift cards”. Purchasers buy a card for a fixed amount and can only use the card at the merchant that issues the card. Generally, few if any laws govern these types of cards. Card issuers or sellers are not required to obtain a license. Closed system cards are not subject to the USA PATRIOT Act, as they generally cannot identify a customer. As debts owed to consumers who purchased the card, these purchases remain on their books as a liability rather than an asset. Consequently, gift certificates and gift card have fallen under state escheat or abandoned property law (APL). However, the emergence of closed system cards has blurred the applicability of APL. North Carolina and Illinois have excluded these types of cards from APL provided the card has no expiration date or a service fee. Maine and Virginia require the issuer to pay the state when the cards are abandoned. In Connecticut an issuer is required to identify the residence of the gift card owner. Since most gift cards are anonymous, the residence of the card’s owner is deemed to be the state’s treasurer’s office.
Merchants can set up “giftco” subsidiaries in states whose laws remain friendly to issuers (currently Ohio, Florida, Washington and Virginia) permitting gift card operations to conduct business across state boundaries using their host states’ more friendly escheat laws.
Presently, no law exists that requires an issuer to provide refunds for lost or stolen cards. Whether a refund is possible is specified in an issuer’s cardholder agreement. In addition, most closed system cards cannot be redeemed for cash. When a cardholder redeems all but an insignificant portion of the card on merchandise, that amount is generally lost and is absorbed by the issuer.
