What is a credit card?

A credit card is a thin rectangle-shaped piece of metal or plastic provided by financial institutes through which you can borrow funds from a pre-approved limit to do payment for your purchases.

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FAQs

How is a credit card different from a debit card?
The money that is drawn from a debit card is your money that is debited from the bank account associated with your card. Whereas, the money that is spent(purchases) or withdrawn (cash advance) through a credit card is a kind of short-term loan given by a card issuing unit. Thus, instead of compensating this short-term loan on a per-use requirement, all your expenditures are converted into a united bill at the end of the billing cycle.
What are MasterCard and VISA cards?
MasterCard and Visa are international payment technology companies that are located outside the US that links businesses, consumers, governments, and banks across more than 200 territories and countries, permitting them to employ digital currency and not cheques, cash, or drafts, etc. Besides MasterCard and VISA, some prominent international payment technology companies are Discover, Diners Club, and American Express.
What are the diverse kinds of credit cards?
Credit cards can be majorly be divided into 2 types:
  • Standard credit cards - These are simple credit cards with fundamental features with nominal or no yearly fees.
  • Specialized credit cards - Such credit cards are created to sever particular requirements of the cardholder. These cards comprise credit cards that proffer dining advantages, travel dispensations, fuel cost savings, and many others.
What is meant by a Co-branded Credit card?
Any credit card that indicates a merchant's name/logo as a co-promoter of the particular credit card with the issuer of the card is known as a co-branded credit card. Merchants in India who are sponsors of co-branded credit cards comprise online shopping websites, airlines, and many others.
How do the new PIN system and EMV chip work for credit cards?
EMV which stands for Europay, MasterCard, and Visa is an international standard for cards prepared with the PIN technology and the chip. The PIN code and chip card should be implemented together to validate chip-card transactions. Distinct to magnetic-stripe cards, every time an EMV card is employed for payment, the card chip generates a distinctive transaction code that cannot be employed for another transmission. EMV technology gives additional security in point of sales (POS) transactions to avoid credit card frauds.
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