A credit card is a form of payment authorizing the collector to transfer funds electronically from the payer's bank account to the collector's bank account.

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A credit card is a form of payment that authorizes the payer to borrow funds from a financial institution or credit card issuer to make purchases. The funds are not transferred directly from the payer's bank account to the collector's bank account, but rather, the credit card issuer pays the collector on behalf of the payer and the payer is then responsible for repaying the debt to the credit card issuer.

A Credit Card Is a Form of Payment Authorizing the Collector