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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
Lender
A financial institution or individual that provides money to a borrower with the expectation of being repaid, often with interest.
Adjustable Rate Mortgage (ARM)
A home loan with an interest rate that is fixed for a certain period, after which it may fluctuate with the market.
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.