When you have been issued a credit card you are given a line of
credit. You can make purchases or receive cash advances up to
that amount with your card. When you make a purchase, the
merchant gives proof of your purchase to the credit card company
and they pay the merchant on your behalf; in effect granting you a
loan.
The credit card issuer then bills you for reimbursement of the
purchase or cash advance amount. You can either pay the balance
in full or make payments. The issuer must send you periodic billing
statements giving you information on your account which includes
the minimum payment due, date it is due, and the periodic interest
rate on unpaid balances.
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