Credit Cards

A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system.

A credit card is different from a debit card in that the credit card issuer lends the consumer money rather than having the money removed from an account. It is also different from a charge card (though this name is sometimes used by the public to describe credit cards) in that charge cards require that the balance be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged.

Types of cards:

ATM card

Debit card

Low interest credit card

Rewards credit card

Secured credit card