What is a credit card? How does it differ from actual money? How does it work? Will it really replace money? Can this piece of plastic really buy me stuff?
These are the sort of questions that we ask ourselves or hear about from other people. We really wonder if these are true or not, or if these questions are valid or not. Lets take a closer look at credit cards and how it is beginning to shape (if it hasnt already done so) the way we live at present.
First off, what exactly is a credit card? The Columbia Encyclopedia defines it as a device used to obtain consumer credit at the time of purchasing an article or service. Basically, a credit card is the plastic, I.D. like thing with a black magnetic strip across the back which can be used to make purchases via signing. How is this possible? The seller receives the credit card information from the customer by swiping the magnetic strip into a specialized device that can specifically read the card. The bank or credit card supplier then pays the seller. The customer and the credit card supplier then do business with the customer paying the bank the amount he owes via a monthly fee. If he is unable to pay the amount in...
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