Which statement best characterizes credit cards?
A) They are a payment form of money.
B) They are part of the M1+ money supply.
C) They are a method of deferring payment.
D) They are a unit of account.

Question

Quizplus · Accepted Answer

Credit cards are a form of deferred payment, allowing the holder to borrow money from the issuing bank or financial institution. This borrowed money must be paid back with interest, making credit cards a method of deferring payment.

Which Statement Best Characterizes Credit Cards