What does credit account mean?
Definitions for credit account
credit account
This dictionary definitions page includes all the possible meanings, example usage and translations of the word credit account.
Princeton's WordNet
credit account, charge account, open accountnoun
credit extended by a business to a customer
Wikipedia
credit account
A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A line of credit takes several forms, such as an overdraft limit, demand loan, special purpose, export packing credit, term loan, discounting, purchase of commercial bills, traditional revolving credit card account, etc. It is effectively a source of funds that can readily be tapped at the borrower's discretion. Interest is paid only on money actually withdrawn. Lines of credit can be secured by collateral, or may be unsecured. Lines of credit are often extended by banks, financial institutions and other licensed consumer lenders to creditworthy customers (though certain special-purpose lines of credit may not have creditworthiness requirements) to address fluctuating cash flow needs of the customer. The maximum amount of funds a customer is allowed to draw from a line of credit is typically called the credit limit or overdraft limit. The term credit limit is commonly used for credit cards whereas the term overdraft limit is more commonly used for bank accounts.
ChatGPT
credit account
A credit account is a type of financial account offered by banks and other financial institutions that provides a line of credit to the user. This account allows the user to borrow funds, pay for goods and services, and repay the borrowed amount over time. Examples include credit cards, home equity lines, and other loans. The account holder is charged interest on the borrowed funds and may be subject to penalties for late or missed payments.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of credit account in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of credit account in Pythagorean Numerology is: 1
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"credit account." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/credit+account>.
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