Credit Cards -
Many of us might have heard about credit cards and now a days people also consider this as a status symbol. Look I have a gold credit card, I have premium. But when asked many of them are not able to differentiate between those credit cards. Many people even don't the difference between a credit card and a debit card.
A Credit Card is like a loan you borrow something by agreeing that you would pay for it in the future along with some interest (extra money) whereas a Debit Card means you have something in your bank account and you are using it.
A Credit Card offers various features such as an Alternative to Cash, Record keeping of all transactions, Gifts and other Coupons, a credit limit etc. Every customer has different financial needs and based on those financial needs there is a different credit card. Credit cards can be divided into 5 broad categories - Standard cards, Premium cards, Secured cards, Charge cards, Prepaid cards. Credit card offer various benefits such as refund on the loss, stolen of goods purchased through credit cards.
Conclusion - Credit card is very convenient financial short-term lending facility available to a credit cardholder.
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