Credit Card Management | 2024

 A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.

A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. A credit card also differs from a debit card, which can be used like currency by the owner of the card.

As of June 2018, there were 7.753 billion credit cards in the world. In 2020, there were 1.09 billion credit cards in circulation in the U.S and 72.5% of adults (187.3 million) in the country had at least one credit card.

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Technical specifications

The size of most credit cards is 85.60 by 53.98 millimetres (3+3⁄8 in × 2+1⁄8 in) and rounded corners with a radius of 2.88–3.48 millimetres (9⁄80–11⁄80 in) conforming to the ISO/IEC 7810 ID-1 standard, the same size as ATM cards and other payment cards, such as debit cards. Most credit cards are made of plastic, but some are made from metal.