Credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.
The issuer of the card creates a revolving account and grants a line of credit to the consumer from which the user can borrow money for payment to a merchant or as a cash advance to the user.A credit card is different from a charge card: a charge card requires the balance to be paid in full each month.
In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card
- Very High Credit limit.
- Aids payment in domestic and foreign currency.
- Record keeping of all transactions.
- Regular charges.
- Grace period or grace days.
- Less fees on cash withdrawals.
- Less Additional charges for delay in payment.
- Service tax.
- Bonus points.
- Gifts and other offers.
- Low interest rate credit cards
- High Security
Click here to Know more about our Banking System.