Credit Cards have Changed a lot

Last Revised on December 28, 2009

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Traditional credit cards are cards were not linked to individual’s bank account until recently. It gives us a payment mode where we don’t have carry our hard cash money everywhere we go. A simple plastic card that can be scanned and deduct money from our account is so easy now a days. Typical size of the credit cards are 85.60 × 53.98 mm. These are specified by the ISO 7810 standard.

If you don’t have enough money, don’t need to worry anymore either. The big lenders are willing to lend you money that you can use to buy things of your choice. But credit card is not to be confused with charge card, which requires the balance to be paid in full each month. Credit cards give people the choice they never had before. They have to pay the interest charged for the money used however.

Unless you agree not to receive one, credit card companies will send you a monthly statement indicating the purchases made with the card along with any outstanding fees, and the total amount owed. Some companies gives the option to credit card holders for automatic payments to be deducted from the user’s bank accounts; this helps people avoid the late payments in addition to accruing interest rates.

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