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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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6. Credit Cards

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Introduction

A credit card is a credit facility that allows individuals to pay for goods purchased without using cash. Banks offer credit cards to individuals in conjunction with credit card companies such as Visa and MasterCard. Hence, you can get Visa and MasterCard credit cards from both foreign and local banks.

Credit cards and debit (or charge) cards are sometimes confused because of their similarities. Both cards allow you to buy goods and services from stores without immediate cash payment. However, debit (or charge) cards require you to make full payment. In contrast, bank credit cards allow you to make a small payment ...

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