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Legal Terms - credit-card
a plastic card that can be used to get credit when making purchases, issued by a bank or other financial institution. Three contracts are often involved when using credit cards:
a deal wherein the credit card holder agrees to pay the credit company the amount the supplier charges in exchange for using the card to make purchases. This agreement is made between the card holder and the credit company. The credit firm often sends monthly bills to the holder, who can choose to pay the full amount due within a specific amount of days without incurring interest, or he can choose to pay a high rate of interest on the outstanding balance by making a defined minimum payment.
2. An agreement whereby the supplier consents to accept credit card payments and the credit company agrees to reimburse the supplier for the cost of the items delivered less a discount.
3. An agreement between the cardholder and the provider, whereby the supplier promises to provide the items in exchange for payment from the credit company.
a plastic card that can be used to get credit when making purchases, issued by a bank or other financial institution. Three contracts are often involved when using credit cards:
a deal wherein the credit card holder agrees to pay the credit company the amount the supplier charges in exchange for using the card to make purchases. This agreement is made between the card holder and the credit company. The credit firm often sends monthly bills to the holder, who can choose to pay the full amount due within a specific amount of days without incurring interest, or he can choose to pay a high rate of interest on the outstanding balance by making a defined minimum payment.
2. An agreement whereby the supplier consents to accept credit card payments and the credit company agrees to reimburse the supplier for the cost of the items delivered less a discount.
3. An agreement between the cardholder and the provider, whereby the supplier promises to provide the items in exchange for payment from the credit company.
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