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
Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Digital Banking
The use of electronic devices, such as computers and smartphones, to access and manage one's bank account and carry out financial transactions.

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