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 What is Credit Card?

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ANiSH MiRZA
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What is Credit Card? Empty
PostSubject: What is Credit Card?   What is Credit Card? I_icon_minitimeFri Aug 12, 2011 5:41 am

What Does Credit Card Mean?
A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating.


Credit cards have higher interest rates (around 19% per year) than most consumer loans or lines of credit. Almost every store allows for payment of goods and services through credit cards. Because of their wide spread acceptance, credit cards are one of the most popular forms of payment for consumer goods and services in most of the countries.
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