A credit card must be usable from time to time

A <a href="https://paydayloansconnecticut.net/"><img decoding="async" src="http://image.nj.com/home/njo-media/width600/img/marijuana/photo/2018/02/16/njci-gardens-state-dispensary-in-woodbridge-grows-and-sells-medical-cannabis-1ac486b1b10f17ad.jpg" alt="payday loans in Georgia"/></a> credit card must be usable from time to time

1. Usable from time to time. Since this involves the possibility of repeated use of a single device, checks and similar instruments that can be used only once to obtain a single credit extension are not credit cards.

A. A card that guarantees checks or similar instruments, if the asset account is also tied to an overdraft line or if the instrument directly accesses a line of credit.

B. A debit card (other than a debit card that is solely an account number) that also accesses a credit account (that is, a debit-credit card)

D. An identification card indicating loan approval that is presented to a merchant or to a lender, whether or not the consumer signs a separate promissory note for each credit extension.

E. A card or device that can be activated upon receipt to access credit, even if the card has a substantive use other than credit, such as a purchase-price discount card. Such a card or device is a credit card notwithstanding the fact that the recipient must first contact the card issuer to access or activate the credit feature.

C for guidance on whether a debit card that is solely an account number is a credit card

A. A check-guarantee or debit card with no credit feature or agreement, even if the creditor occasionally honors an inadvertent overdraft.

B. Any card, key, plate, or other device that is used in order to obtain petroleum products for business purposes from a wholesale distribution facility or to gain access to that facility, and that is required to be used without regard to payment terms.

C. An account number that accesses a credit account, unless the account number can access an open-end line of credit to purchase goods or services or as provided in §  with respect to a hybrid prepaid-credit card. (more…)

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