Credit Card

Credit Card is the fifth Business idea ever since the history of Man Kind after Internet, Google, Mobile & Chip.

Definition: Credit Card -

- A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

- A plastic card, with a magnetic strip or an embedded microchip, connected to a credit account and used to buy goods or services.

- A credit card is a card whose holder has been granted a revolving credit line. The card enables the holder to make purchases and/or cash advances up to a pre-arranged limit.

- A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating.

Explanation: -

Credit Card is the Worst Financial Product ever in the history of man kind. It is the worst Debt Product of the mankind. Credit Card Companies charge anywhere between 35-50% per Annum interest rates.

In USA, Buy today (with Credit Cards) and Pay tomorrow culture become popular since the Credit Cards came.

In USA, more than 75% of Bankruptcies are filed because of the Credit Cards.

Finance Gurus advise people to cut down all of their credit cards and replace it with Debit Cards. But because of the aggressive marketing of the Credit Card Companies, people blindly buy Credit Cards without thinking much about its consequences.