Transcription of II. CREDIT CARDS – GENERAL OVERVIEW
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II. CREDIT CARDS – GENERAL OVERVIEW
Risk Management Examination Manual of CREDIT Card Activities Chapter II II. CREDIT CARDS GENERAL OVERVIEW WHAT IS A CREDIT CARD In its non-physical form, a CREDIT card represents a payment mechanism which facilitates both consumer and commercial business transactions, including purchases and cash advances. A CREDIT card generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of CREDIT . The borrower is required to pay at least part of the card s outstanding balance each billing cycle, depending on the terms as set forth in the cardholder agreement. As the debt reduces, the available CREDIT increases for accounts in good standing. These complex financial arrangements have ever-shifting terms and prices.
addition to cash secured credit cards (discussed later), unsecured standard credit card programs ... Compensation often comes in the form of the sharing of annual fees, renewal fees, interchange income, and interest income. Issuers seek affinity endorsements to increase response, usage,
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