In traditional means, payment needs only two parties. In the case of ordinary money, two persons only appear in the payment process, namely the creditor & the debtor in the deal without the intervention of the central bank that issued the money. The central bank is not considered a third party in the payment process and its role is limited to securing accepting the money in payment without having any direct intervention.

However, payment through credit card is different for there are three main parties in the relation, namely the trader, the consumer & the source. Three interrelated relations that result in rights & obligations for each one originate between them. Every relation of these relations is independent of the other for each one originates from a contract that is independent of the other and each relation has its own legal qualification that is compatible with it.

The legal description of credit card requires defining some types of credit cards & distinguishing them from the other legal institutions that perform tasks that are similar to their’s. Credit card is clearly different from the securities used in the commercial field (bills of exchange, promissory notes & cheques) but despite such distinction, there are similarity points between credit card & securities in spite of the fact that it is more like cheques than other securities.

Depending on that, we will start studying the legal description of credit card through the concept of credit card in the first chapter. Thereafter, we will discuss qualifying the contractual relations that originate from credit card