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The Encyclopedia Britannica defines credit as “a transaction between two parties in which one (the creditor or lender) supplies money, goods, services, or securities in return for a promised future payment by the other.” The concept of credit was already used in the earliest period of history in Assyria, Babylon and Egypt.

The use of credit card was first used in the US in 1920 by some automobile owners who used cards to buy fuel. However, these cards were accepted only to the establishment who issued it. By 1938, a number of companies started to accept each other’s card.

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by John Vink

Credit cards were a wonderful invention, that have evolved

over time. Let’s not start this article by spending much time describing the history of credit cards, but rather to just provide a summary of what credit cards are about. "Credit cards are an easy to use financial vehicle which allows for purchases to be made (shopping), essentially on a promise to pay at a later date". This promise to pay at a later date, may however incur additional costs or expenses, through interest charges.

Credit cards are convenient, as you don’t have to carry large sums of cash in order to make purchases. Credit cards have more security than cash, as anyone can use your cash, but using your credit card is more restrictive to authorized users (although credit card theft, identity theft, and unauthorized use of credit cards are becoming more prevalent than they have been in years past).

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 resources for bad credit cards