A credit card is issued by a financial institution that lets you borrow money to make a purchase.According to a recent Experian report, the average American holds 4 credit cards.
The Credit Card Accountability, Responsibility, and Disclosure Act is better known as the Credit CARD Act.The law's main purpose is to prevent certain business practices in the credit card industry that were considered unfair or even deceptive to consumers.  The act was signed into law in May 2009 and took effect in phases.
A credit card balance is the total amount of money owed on a credit card account.Whenever a purchase is made, the balance increases.