a. Charge card
b. Revolving credit (credit card)
c. Installment credit
- A charge card is an electronic payment card that does not charge interest but requires you to pay the balance in full, usually monthly.
- A revolving credit account is an open-ended credit account that can be used and paid down periodically as long as the account is active.
- Installment credit is a loan for which you make regular payments over a predetermined period of time.
- If actual supplier performance fails to fulfill the performance requirements defined in the service levels, service credits (or service level credits) are a mechanism by which amounts are deducted from the amounts to be paid under the contract to the provider.
- A line of credit (LOC) is an account that lets you borrow money when you need it, up to a preset borrowing limit, by using a bank card to make purchases or cash withdrawals.
- Form(s) of credit would be most appropriate for the purchase of a new bicycle are a. Charge card
, b. Revolving credit (credit card) and c. Installment credit
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