A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that the credit card issuer lends the consumer money rather than having the money removed from an account. It is also different from a charge card (though this name is often used to describe credit cards by the public) in that charge cards do not extend the user credit -- the charges must be paid each month in full. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard.

Features

As well as convenient, accessible credit, the cards offer consumers an easy way to track expenses, which is necessary both for monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. They have now spread worldwide, and are offered in a huge variety of permutations with differing credit limits, repayment arrangements (some cards offer interest-free periods, while others do not but compensate with much lower interest rates), and other perks (such as rewards schemes in which points "earned" for purchasing goods with the card can be reclaimed for further goods and services).

Some countries such as the United States limit the amount that a consumer can be held liable for due to fraudulent transactions as a result of a consumer's credit card being lost or stolen.

Credit card organizations

American Express
Citi
China UnionPay
Diners Club
Discover
JCB
MasterCard
VISA

Links

• Credit Cards 101 – What are Credit Cards? (CreditCards.com/Overview of credit card basics.)
• Secret History of the Credit Card (PBS/Frontline/New York Times documentary on Credit Cards)
• Article from Evolt Validating a Credit Card Number with JavaScript
• Credit card validator (Javascript) JavaScript code for validating credit card numbers using LUHN
• Credit card validator (PHP) PHP code for validating credit card numbers using LUHN
• Ericdigests.org Card Usage and Debt among College and University Students
• "Who killed Richard Cullen?" by Jon Ronson, The Guardian, 16 July 2005.
  • Article discussing marketing strategies of credit selling companies in the UK.
• Choosing and Using Credit Cards Consumer credit card advice from the Federal Trade Commission
• Avoiding Credit and Charge Card Fraud From the Federal Trade Commission
• Choosing a Credit Card Consumer credit card information from the Federal Reserve Board
• How Credit Cards Work Detailed information on credit card technology and how transactions are conducted
• Credit Cards Resources Advice regarding various credit cards issues
• Credit Card Security - Protecting Yourself Information on credit card security and protecting yourself from identity theft

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.

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