ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is a credit card? A credit card is a thin rectangular plastic card issued by a financial institution. It allows a cardholder to borrow funds to pay for the purchase of goods and services. The cardholder must pay the borrowed money, with interest, to the financial institution along with any agreed-upon charges.

Detailed explanation-2: -A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term plastic card includes the above and as an identity document.

Detailed explanation-3: -A credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institution’s terms.

Detailed explanation-4: -Credit cards are plastic or metal cards used to pay for items or services using credit. Credit cards charge interest on the money spent. Credit cards may be issued by stores, banks, or other financial institutions and often offer perks like cash back, discounts, or reward miles.

Detailed explanation-5: -Credit card are electronic generated card that acts as plastic money at the time of buying of goods and services. Credit card is used to generate credit in the name of your bank account for the purpose of electronic payment.