Legal Definition OF Credit And Debit Card
LEGAL DEFINITION OF CREDIT AND DEBIT CARD
BY
S J TUBRAZY
Credit, charge and debit card in present day is a common and convenient device to acquire goods, services and withdrawal of cash on credit locally and internationally. It has become synonymous to cash and international currency.
Credit card is defined in the Blacks Laws Dictionary (sixth edition) as “Any card, plate, or other like credit device existing for the purposes of obtaining money, property, labour or service on card. The term does not include a note, cheque, draft, money order or other like negotiable instrument. Federal and often State statutes regulate the issuance and use of credit cards”. On the web also numerous definitions are available some of which are as follows;
A plastic credit card bearing an account number assigned to a card holder with a credit limit that can be used for purchase of goods and service and to obtain cash disbursement on credit, for which a card holder is subsequently billed by an issuer for repayment of the credit extended at once or on an instalment basis. (http://www.Istumertccuicarclserutce.com/glossury and www. merchantseek.com/gossury).
A credit card system is a type of retail transaction settlement and credit system named after the small plastic and issued to user of the system. A credit card is different from a debit card in that the credit card issuer lends the customer money rather than having the money removed from an account.
Debit card is defined as “A plastic card used to initiate a debit transaction. In general these transactions are used primarily to purchase goods and services and to obtain cash for which the card holder assets account is debited by the issuer” en.wikipedia.org/wiki/credit-card. A credit card is a system of payment named after the small plastic card issued to user of the system. A credit card is different from a debit card in that it does not remove money from the users account after every transaction. In the case of credit card, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is used by the public to describe credit card), which requires the balance to be paid in full each month. In contrast, credit card allows the consumer to revolve their balance, at the cost. (htp//en.wikipedia/wiki/crdit-card).
