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What Are Credit Cards?
Banks and Computers
Rise of Electronic Trading
Paying for Internet Purchases
The Future of Payments
What are Credit Cards? – Credit cards serve two main functions: they are a convenient means of "paying for" goods and services and at the same time they are a convenient way for consumers to obtain unsecured credit. Credit cards are convenient for consumers to use in transactions because they are compact and safe to carry. Merchants often prefer them to checks because the bank issuing the card guarantees payment as long as the merchant follows established authorization procedures.
Credit cards also offer consumers a line of credit on which they can draw at any time without providing any collateral. Because unsecured loans are considered riskier than those for which collateral is required, credit-card borrowers usually pay higher interest rates than other borrowers.
The Origins of Credit Cards >>>