A credit card is a type of payment card used by consumers to make use of credit in financial transactions.  Credit cards offer revolving lines of credit to the credit card holder, which allows the credit card holder the ability to pay the credit card balances over time or pay the monthly credit card debt at once.  When a new credit card is used to make purchases, the cardholder is accessing an established credit line with a preset credit card limit to pay for the goods or services purchased.  Approved credit card merchants accept the credit card as a form of payment and credit card companies approve credit and issue the cards to consumers who apply for credit cards and meet the card company’s standards.  The amount of credit and the credit card interest rate on the credit card is generally determined by the borrower’s income and credit history.  Credit cards are issued by banks, credit unions and some stores such as department stores and gasoline companies.

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