--------------------------------------------------------------- Summary
A credit card is a card
entitling its holder to buy goods and services
based on the holder's promise to pay for these
goods and services. The issuer of the card
grants a line of credit to the holder from
which the user can borrow money for payment
to a merchant or as a cash advance to the
user.
Credit cards are different from charge cards,
where a charge card requires the balance to
be paid in full each month. In contrast, credit
cards allow the consumers to 'revolve' their
balance, at the cost of having interest charged.
Most credit cards are issued by local banks
or credit unions.
Credit cards are considered unsecured
debt, that is they are not backed
by your assests (such as a mortgage is backed
by your house).
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
