Bank credit card

Bank Credit Card
Definition: A card issued by a bank that gives a customer the borrowing power to purchase goods and services and pay the bank at a later date.

principal amount available when a borrower draws from a line of credit, takes a cash advance against a bank credit card, or disburses a loan at specific periodic stages. Advances may be secured or unsecured. See also overdraft .

(ARA) - In 1951, the first bank credit card was issued and America quickly fell in love with plastic. Sure, there were some fees and interest charges, but living on "pay later" credit became a financial lifestyle for millions.

An organization owned by financial institutions that licenses bank credit card programs.

Bank Card Association - An organization owned by financial institutions that licenses bank credit card programs.

Recall the discussion of non bank credit card charges above; there, the service charge expense was recorded subsequent to the sale, and it was suggested that the approach was lacking but acceptable given the small amounts involved.

In 1958, Bank of America issued the BankAmericard (now Visa), the first bank credit card. In 1965, only 5 million cards were in circulation; by 1996, U.S. consumers had nearly 1.

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See also: Bank credit, Acquisitions, Mergers, Career, Business plan