Economy, asked by soniathakur2545, 15 hours ago

what's a credit card? Explain step by step in long Answer
Class 9th
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Answers

Answered by wondergirl10
1

Answer:

A credit card is a type of payment card in which charges are made against a line of credit instead of the account holder's cash deposits. When someone uses a credit card to make a purchase, that person's account accrues a balance that must be paid off each month.

Credit card processing in 8 simple steps

Making the purchase.

Entering the transaction.

Transmitting the data.Authorizing the transaction.

Responding to processor and merchant.

Completing the transaction.

Submitting batch closure.

Depositing the funds.

Explanation:

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Answered by ankitapurkait91
0

Answer:

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards.

Explanation:

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