Credit card is a line of credit from financial institutions where users utilize the provided funds and pay later with a stated interest. A credit card looks just like a plastic ATM card but they differ in functions that each serves. People carry their credit cards to any shopping points and use the same to do their shopping without first having to withdraw cash from their accounts as it happens with an ATM card. With a credit card, one can use funds that may not be existent in their accounts. Ordinarily, credits are a means through which people use credit funds from certain banks.
The first credit card was used by was issued by John Beggins of the Flatbush National Bank (FBNB) in 1946. This card was initially meant for these banks customers but was later extended to local merchants. What used to happen when these cards were first introduced into the banking system is that business people or merchants would deposit sales slips and then the bank would go ahead and bill the customer who used the card.
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