Credit Card - Definition - Law Dictionary Home Dictionary Definition credit-card

Definition :

Credit card, is a payment of card, the holder of which is permitted under his contract with the user of the card to discharge less than the whole of any outstanding balance on his payment card account on or before the expiry of a specified period, subject to any contractual requirements with respect to minimum or fixed amount of payments. UK Credit Card (Merchant Acquisition) Order, 1990, SI 1990/2158, Art. 29(1). See also H.M. Ogilvie Canadian Banking Law, Carswell, Scarborrow, 1991, p. 647.