Credit Card

Issued by financial institutions, credit cards give customers a pre-set credit limit which he can use to pay for his purchases without having to pay in cash or issuing a cheque. The credit limit of the card is decided by the financial institution depending on the customer’s credit score and monthly income.

A credit card is a card that allows you to borrow money to pay for goods and services with the promise that you’ll repay the card provider what you owe at a future date, typically with interest added.