Credit Cards

Definition

A credit card is a payment card issued by financial institutions that allows cardholders to borrow funds with which to pay for goods and services.

Related terms

Interest Rate: This is the proportion of a loan charged as interest to the borrower - usually expressed as an annual percentage rate (APR).

Credit Score: A numerical expression based on level analysis of person's credit files representing their creditworthiness or likelihood they will repay debts.

Debt: Money that is owed or due.