Credit cards are a type of payment card that allows their holder to borrow funds from a financial institution to purchase goods and services. The funds borrowed are expected to be repaid within a certain timeframe, with interest being charged on any balances that remain outstanding.

In the financial industry, credit cards are a key tool for individuals and businesses to manage their financial transactions. They can be used to make purchases online, over-the-phone, and in-person. Credit cards can also be used to withdraw cash from ATMs or to transfer funds between accounts.

Credit card companies typically charge fees such as annual fees, late payment fees, and cash advance fees, making them a source of profit. However, many credit cards also offer rewards programs that allow cardholders to earn points or cashback for their purchases.

Overall, credit cards have become a ubiquitous part of the financial industry, providing convenience, security, and access to credit for millions of people around the world.


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