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Credit Card
A payment card that allows the cardholder to borrow funds from the issuer to pay for purchases or withdraw cash.
More Details
A credit card is a type of financial product that allows you to borrow money from a lender in order to make purchases or withdraw cash. When someone uses a credit card, they are given a certain amount of credit, which is essentially a loan that they can use to make purchases or withdraw cash up to a certain limit.
Example
If you want to buy $60 worth of groceries but only have $10 on hand, you can use your credit card to pay for the purchase. This total will be paid back to the credit card company later when you pay your bill.
Related Terms
Remittance
A financial transaction in which money is transferred from one person to another, typically to support family members or other loved ones.
Minimum Payment
The smallest amount of money owed on a balance to remain in good standing.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.