Under the globalised system of economy, newer and newer modes of financial transactions are coming into being. One such mode which has acquired utmost importance is the phenomena of credit cards. It is a mode of payment named after a little plastic card issued to the consumers by the banks and other financial institutions. Under this system, the credit card issuer lends finance to the user to be later paid to the merchant outlets. Credit cards are different from the charge cards, in the sense that the latter need the balance to be paid in full at the end of every month. So the new currency enables the users to 'revolve' their balance at the cost of interest payment. They are also known as plastic money. These are specified under ISO 7810 standard. Coming almost in the same shape and size, such easy and convenient means of transactions are provided by the mainstream banks and credit unions. Once the credit provider approves the account, it issues the card in the name of the user; which are then used by the holder as consumers of various products and services who accept the services of that card. If you are worried about the unnecessary piling up of the interest charges, then please give a bit of relief to your ruffled financial senses. It is because the issuers of this form of money normally write off the interest charges if the balance is settled in full at the end of each month. However be prepared to pay complete interest on the full outstanding balance right from the day of each and every purchase in case the full balance is not settled. For instance, if a consumer made a transaction of $1000 and made all the repayment within the grace period, then he would not be required to pay any interest at all. Yet if any part of the total balance remains unpaid--for example $100--then the interest will be charged on the full $1000. However, their mindless usage can be really deceptive, which can easily be the case given their convenient method of functioning. So be prepared that your efficiency does not come at the cost of extra burden of interest, because the credit card interest rates are relatively higher.