Credit card enable their holders to obtain goods and services on credit. They are issued by retail stores, banks, credit card companies to approved clients. The bank or credit card company settles the client’s bills, invoicing him monthly and changing interest on any outstanding debts. Their profit comes from the high rate of interest charged, the card holder’s subscriptions, and the fees paid by some organizations that accept cards.
First popular in California, credit cards spread throughout the United States and most of Western Europe during the late 1960s. Although credit cards are becoming a more acceptable part of the financial scene, they are still regarded with suspicion by many as being a major part of the “live now, pay later” syndrome. Along with hire-purchase, rental and leasing schemes, they provide encouragement to spend more money. Of course, it is only the foolhardy who succumb to the temptation to live, temporarily at least, beyond their means, and such people would no doubt manage to do so even without credit card.
Advertising campaigns have, however, promoted a growing realization of the advantages of these small plastic cards. They obviate need to carry large amount of cash and are always useful in emergencies.
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