Credit cards now have embedded chips in them. This is the principal reason why point-of-sale credit card fraud has declined rapidly.
What is Credit Card?
- A credit card is a small, rectangular piece of plastic or metal that is given out by a bank or other financial institution and enables its holder to borrow money to pay for products and services at businesses that accept credit cards.
- Credit cards impose the requirement that cardholders repay the borrowed funds, together with any applicable interest and any other agreed-upon charges, in full by the billing date or over time.
- The credit card issuer may additionally provide cardholders with a separate cash line of credit (LOC) in addition to the usual credit limit, allowing them to borrow money in the form of cash advances that can be accessed through bank teller machines, ATMs, or credit card convenience checks.
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