CREDIT CARD
A credit card represents a payment mechanism with both consumer and commercial business transactions, including purchases and cash advances. A credit card generally operates as a substitute for cash or a cheque and most often provides an unsecured revolving line of credit.
A credit card is a tool to buy items now and pay later. If you buy something with credit, you are in debt. This means that you owe money to the company that gave you the credit card
A credit card traditionally is a rectangular plastic card. The front part of the card contains a series of numbers that are representative of various items such as the applicable network, bank, and account. A magnetic stripe, often called a magstripe, runs across the back of the card and contains some of the account’s information electronically. The back of the card also contains a cardholder signature box. Multi-application cards involve aspects of cryptography and, in place of the magstripe, have a microprocessor, or chip, built into the card. The enhanced memory and processing capacity greatly exceed that of the traditional magstripe card, and the multi-application cards can enable consumers to access several financial accounts and other services or data with a single card.
