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No - Buying goods on a credit card is a 'temporary loan' from the card company to allow you to buy stuff without handing over cash at the time the transaction takes place. The store bills the card company, and they hand over the cash to the store. The card company then bills you for the transaction.
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What does a credit card balance represents?
how much money you have
Is a credit card a type of money in the economy?
Credit is a type of money in the economy. It is a form of temporary currency that is used to buy goods and services.
With the use of credit cards becoming more prominent and the availability of credit broader than ever. Why are credit not included in the Ms?
Credit cards are loans - unsecured loans to be exact. So the short answer is that loans are not considered money, thus it's not included in the money supply. Consider what happens in a credit card transaction. Let's say you buy groceries and pay for it with a credit card. At the end of the night, the grocery store will settle out their card terminals and run a batch. Usually, within 24 hours, the grocery store will be credited with money in their account from the credit card company. This transaction is usually a M1 (checking like accounts) or M2 (savings and money market like accounts) transfer between the credit card company and the bank institution of the grocery store. Then when you pay your credit card bill, again it will be a M1 or M2 tranaction between your account to the credit card company. If credit card loans were included at the time you swipe the card at the grocery store, then the transaction would be double counted. Loans are merely a demand obligation to pay at some future date. It is not counted as money flow until a payment is made. The loan itself is not money flow.
What is meant by plastic money?
plastic money nothing but we use normally plastic card like credit cards, debit cards, etc.,.It is vernacular for credit cards.
Should paper money be phased out by 2020?
No, because there are hackers every where and they can hack on your credit card.
What is a secured credit card?
a credit card that is secured by a deposit of your own money
If the free-lotto are really free why they ask credit card money?
Legal Purposes.
Can anyone get a credit card?
if you have money you have to pay for a credit card
How is the Walmart Money Card different from a normal Visa credit card?
The Walmart money card is different from a normal Visa credit card because an individual has to deposit money on the Walmart card before he or she can purchase items with the card. Whereas the Visa credit card already has money on it, or a certain amount of credit.
How do you know if your credit card is secured?
A secured credit card is a card on which you load money to be used by you. You will know if your credit card is secured if you must put money on it to use it.
Why can't i purchase a money order with my credit card?
Because there has to be real money on the money order. A credit card is a loan of money to you.
How can one get credit card with bad credit?
u sex the credit card and it has no money on it
When I transfer money with my credit card what do you see on my credit card account?
no
If you don't have any money on your prepaid credit card can you still make a transaction?
Picture a prepaid credit card like a wallet. Can you still buy things when there is no money in your wallet? No you can't. A prepaid credit card is not really a credit card in the sense of the word credit. Credit means that you can purchase something now and pay for it later. A prepaid card has a limit on it and once that limit has been used, like your empty wallet it is no longer useful.
Can I get a credit card with money already on it?
Every credit card comes with money already on it.another answerI think you're referring to a debit card. That is a credit card which you "load" with a sum of money and can use up to that amount.
How do you get rid of a credit card without it hurting your credit?
Transfer your money to another credit card.
What is a credit on credit card?
A credit on a credit card is the amount of money you are allowed to spend before you have to pay it back
