Credit Cards have been lifesavers to many of us. If you are new to the term credit card, it simply means a payment card that is given to cardholders to enable them to pay for services. It is issued to a user based on their assurance to the issuer to pay them for the amounts plus other agreed charges. The service provider or credit card company (usually a bank) creates a revolving account and grants a limit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. Credit cards offer cash flows during times of need. They are easy to…