Usage of credit card
June 26, 2009
Credit card is a kind of transaction in which a person buys goods and services and gives an assurance that he will pay the money back with in stipulated time. Whenever a transaction is made using credit card, the merchant first checks whether the credit card exist and does the person using it is genuine or not. All this is done by a system called electronic verification system. When merchant ensures that the person is genuine it is guaranteed that he will get his money. Even if person does not repay the amount to bank, bank will have to pay money to merchant. Credit cards are beneficial to the merchant as well. They get some fixed amount of commission on every payment made through credit card. Credit cards are being used widely today by people. It is advisable that one should make use of them in limited way. Sometimes things meant to help you may land you in trouble. So think before making any purchase as you will have to pay for it later.
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