Credit/Debit/Travel Cards
Until the 1920's, consumer purchases in the United States were made primarily in one of two ways: cash or personal check. But in that decade, a new means of payment was introduced—the credit account. While credit transactions had been common for a long time in business to business dealings, they were new to the consumer market. The credit account allowed a consumer to defer payment on a purchase made today to some time in the future: thus, the expression "buy now, pay later" was born. Evidence of the credit account typically took the form of a card— the credit card.
Since the 1920's, different types of credit cards have emerged. In addition, related types of cards have also appeared on the consumer scene: the debit card, as well as the ATM card and the smart card, and the travel card and charge card. Each type of card will be defined and explained in this entry.
Credit Cards
A credit card is a pocket size, plastic card that allows the holder to make a purchase on a credit account that will be repaid at some time in the future. Repayment may be in a single amount or in a series of amounts.
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