Details on a credit card. Image credit psdgraphics.com

Details on a credit card. Image credit psdgraphics.com

ZIMSEC O Level Commerce Notes: Money and Banking: Credit Cards

Bank Credit Cards

  • They all a customer or cardholder to buy on credit up to a limited amount on card.
  • Are used to draw cash from the customer’s bank account.
  • Guarantees limited cash withdrawals at other banks.
  • Allow the customer to obtain loans from any bank operating the scheme.
  • The customer does not need to carry cash around.
  • Used for encashment of cheques at any of the bank’s branches or correspondent banks.
  • Used in both foreign and home trade.
  • Allows customers to pay several bills using one cheque once a month thus saving on bank charges.
  • Guarantees payment of cheques drawn by the customer.
  • Enables a request of statement on account.
  • Uses a PIN (Personal Identification Number) for security.
  • Can be used to transfer funds from one account to another.
  • Allows the provision of an overdraft facility.
  • The credit card shows the following information:
  • The name and signature of the card holder.
  • The name of the issuing bank.
  • The expiry date of the Card.
  • The terms and conditions of use.
  • The card/account number.
  • The CVV number

To access more topics go to the Commerce Notes page.

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