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Credit Credit Cards - Important Today

What is a credit Credit Card?

In the modern business and commercial world, transactions have increased tremendously and have become so important that even drinking a glass of water includes a transaction. Due to so many numbers of transactions, large amount of money is spent on the expenses made. Some individuals do not have cash at the time they incur or are about to incur a particular expense. To make things easy for these people, credit credit cards were introduced by different banks and the very first one being the Bank Americard by The Bank of America in 1958.

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What is the use of credit Credit card?

Credit cards, in the today’s world, are used to buy different commodities and shop around. People use credit credit cards for being in the ease of not carrying too much cash with them that certainly decreases the risk of cash theft and other cash dangers. Some people use credit cards to make online payment and during online shopping among numerous worldwide websites. This of course, needs the website have that feature of online payment through credit card. Some salaried class people use credit cards when they have to make certain payments before they get the salary in cash. As the name suggests, the word “credit” represents a purchase that has been done without paying cash but creating a debt liability.

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The Mechanism behind Credit Cards

Credit cards in almost all countries of the world work under same mechanism and follow the same principles. There are certain authorized retailers, institutes, shops, and service providers that are authorized to accept the credit cards from their customers. These merchants are provided with the Credit card swipe machines that are connected with a telephone connection, in order to communicate with the card issuing bank’s database. When the card is swiped, customer’s available credit limit is checked at the database and other necessary information is collected (Like if the card is blocked or not), and after verifying each and every thing, the transaction is completed and payment is made on behalf of the customer by the bank.

When does the customer pay?

There are different banks having different grace period for payment of this short term debt by the customer. Normally banks offer 20 to 25 days to repay the debt of purchases made by credit credit cards. The grace period usually starts from the date of bill received by the customer. If the bill is paid within the prescribed number of days, there is not interest or charges paid by the customer. This makes the use of credit cards very handy for middle and higher middle class individuals.

Advantages of Credit cards

  • Convenience of no cash
  • Short term debt
  • Fraud protection
  • Rewards and benefits
  • Online payments

Disadvantages to customers:

Some of the disadvantages of using credit cards include:

  • Bankruptcy
  • High Interest charges on non payment
  • Charges and fees deduction for Merchants results in inflated prices for customers


Credit cards are really helpful to the consumers of any sort these days. But they can cause serious and even disastrous situations (in terms of financial background) and thus should be used in a controlled manner.

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