Visual Encyclopedia

Credit card

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. In other words, credit cards combine payment services with extensions of credit. Complex fee structures in the credit card industry may limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits. Because of this, legislatures have regulated credit card fees.

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So the other day at work, a customer asked me for a blank piece of receipt paper. Confused, I gave her a piece and she folded it over the edge of her card, then swiped it. Seeing that I was highly confused, she explained that her card had a dent in it and the register wouldn't read it unless the receipt paper was over it. It blew my mind. Just a little FYI for those of you who have damaged cards. For me, no more typing in 16 digit numbers TWICE!

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