"Credit Card" submitted by SchoolGrantsfor Editorial Team and last updated on Thursday 11th August 2011
A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
The Credit CARD Act also requires young adults under the age of 21 to show independent means to repay the debt or have a guarantor/co-signer.
A revolving credit account usually managed by a bank or lender. Credit amount and interest rate are set by lender.