consumer credit

/kənˌsumər ˌkrɛdət/

Other forms: consumer credits

Definitions of consumer credit

1. noun

   a line of credit extended for personal or household use
   types:

   equity credit line, home equity credit, home equity loan, home loan

   a loan secured by equity value in the borrower's home

   installment credit, installment loan

   a loan repaid with interest in equal periodic payments

   charge account credit, open-end credit, revolving credit

   a consumer credit line that can be used up to a certain limit or paid down at any time

   charge account, credit account, open account

   credit extended by a business to a customer

   charge card, charge plate, credit card, plastic

   a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered

   debit card

   a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account

   smart card

   a plastic card containing a microprocessor that enables the holder to perform operations requiring data that is stored in the microprocessor; typically used to perform financial transactions

   check overdraft credit, overdraft credit

   credit provided by a bank in honoring a customer's overdrafts

   type of:

   bank line, credit line, line, line of credit, personal credit line, personal line of credit

   the maximum credit that a customer is allowed