Issued by financial institutions, credit cards provide customers a pre-set credit limit which he/she can use to pay for purchases without having to use cash or their debit cards. The credit limit of the card is decided by the financial institution depending on the customer's credit score and monthly income.

Want to book flight tickets or buy a new phone without waiting for pay-day? A credit card has become an indispensable tool to buy now and pay later. Pay utility bills, buy home appliances, get cashbacks, Cash Points and more! A credit card opens a world of convenience

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It is the total outstanding that a cardholder owes to his or her card issuer. It is calculated based on factors like purchases made, applicable fees including statement charges, annual fees, interest rates, and total outstanding amount including accrued interest.

The primary difference between credit cards and debit cards is where the money comes from:

• A credit card allows you to use borrowed finance based on your credit score and requires repayment within a stipulated time.
• A debit card allows the use of all of one’s own money available in the savings or current account.