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Credit Card

Definition of 'Credit Card'

A bank-issued card that entitles the holder to a line of credit for purchase of goods or services throughout the World. Customers can use the card to purchase online, over the phone or at point of sale. Chip and pin is required in the UK for the latter

Customers are required to pay a minimum amount every month and are charged interest on the outstanding balance. Paying the minimum amount each month will mean that it will take longer to pay off the balance. Late payments will be reported to the credit reference agencies and can result in adverse credit on your credit file. You will have a credit limit, which if exceeded will result in further charges.

When applying for a credit card you will be subjected to a credit search in accordance with the Consumer Credit Act 1974, which will form the basis of whether your application is accepted or declined

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