Credit Card
A credit card is a tool for making purchases by offering bank’s money instead of your own and repay the bank later. The benefit is credit card is that you get interest free for about 30 days. Unlike other loans where you need to pay interest for credits. The usefulness of this tool depends entirely on the knowledge and skills of the card holder. The card holder has the power to decide on how to use this tool.
Credit Card Merchant
Credit Card Merchants are the Merchant outlets including shops, restaurants, hotels, websites etc. or where you can use your credit card. Just like we make payments through cash, we can make payments through credit cards, given that the merchant accepts them as a form of payment.
Some of the Credit Card Merchants may charge some fee for using your credit card in order to make payments. Usually merchants who accept credit cards will display Credit card companies Logo and wordings like “Major Credit Cards accepted”.
Most of the merchant outlets will be provided with swiping machines for swiping credit cards. They are called credit card readers.
Benefits of Using Credit Card at Merchant Outlets
At certain Credit Card Merchants, the card holders can avail the benefit of earning and using reward point. These reward points can also be used on travel, hotels and at supermarkets. There are other types of rewards as well; such as 0% introductory interest rates, sign-up bonuses, cash back offers, airline miles and so on.
