The global acceptance of credit cards is one of the major merits of credit cards. Now almost all of the stores at the malls and market places bear a logo of ‘we accept Credit Cards’ at the initial entrance only. Most of the leading stores and many online shopping points give special offers over purchases by made by credit cards. These offers are a result of mutual relation between stores from where shopping is done and financial institutions offering the credit cards.
For every credit from financial institutions, one needs to pay the interest. Most of the credit card offers non-interest period for shopping, which is the best part. The financial institutions provide a term of one month during which the shopping is done, say 1st of March to 31st of March. This is known as Month Cycle. In addition to month cycle, there is a grace period which beards a final date of payments. If the payment for the shopping usage is made on or before final date, the payment will be interest free, else a certain rate of interest is charged over the amount. On an average, this interest free grace period for shopping ranges from 20 to 50 days.
For the shopkeepers, the credit card is the safest and most secure method of getting the payment for the sales. There can be no fraud regarding validity of currency and also it bears no chance of faults while counting the cash. It also admonish thievery by the businessman’s staff.