It is a modern method of financing daily purchases at retail level. It is in fact the means of financing of accounts receivable or replacing the charge accounts maintained by the retailer customers. Commercial banks sell credit cards of various companies such as Visa, Master etc. The Bank charges interest from both the retailer and the users. The card relieves the holder of the problem involved in carrying cash and facilitates buying at the retailing outlets and getting hotel services without fear of falling short of money.
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