A credit card is usually a plastic card issued by a financial company like a bank that gives the card-holder an option to borrow funds at point of sale. Hence, a credit card is plastic money that is essentially borrowed. It comes with an approved credit limit (based on your salary and credit rating) that allows you to make purchases and pay back later, along with interest charges as accrued. Earn many extravagant benefits by applying for credit cards. Lightning speed processing and approvals are a plus point. Annual fee waivers are one of the special offers. Most lenders facilitate online application.