credit // noun, verb
■ noun
BANK CREDIT, BANK GIRO CREDIT, BILATERAL CREDIT, CARBON CREDIT, CONFIRMED LETTER OF CREDIT, CONSUMER CREDIT, DEFERRED CREDIT, DOCUMENTARY CREDIT, EMISSION CREDIT, EXPORT CREDIT, EXTENDED CREDIT, LETTER OF CREDIT, LINE OF CREDIT, OPEN CREDIT, POLLUTION CREDIT, REVOLVING CREDIT, REVOLVING LINE OF CREDIT, STANDBY LETTER OF CREDIT, TAX CREDIT, TRADE CREDIT
1 (Commerce ) [U]
an arrangement that you make with a bank, shop/store, etc., to be able to buy things now and pay for them later:
I bought it on credit.
The supplier won't give her credit because she's a new customer.
We offer you six months' interest-free credit (= without an extra charge for interest) on purchases over €800.
❖ to get/have/use credit
◆ to extend/give/offer/provide credit
◆ to deny/refuse credit
◆ a credit agreement/limit credit facilities/terms
2 (Finance ) [U]
money that financial institutions lend to businesses, governments and people:
It is unlikely that the bank will extend additional credit to the firm. ◆ Credit costs have risen sharply for smaller businesses.
They have signed a $130 million credit agreement with Citibank.
The country has struggled to gain access to international credit.
❖ to gain access to/have access to/get/obtain/seek credit
◆ to extend/provide credit
◆ domestic/international credit
3 [U]
the fact that there is money in a bank account:
Your account is in credit.
⇨ BLACK, OVERDRAWN
4 [C]
an amount that is paid into a bank account; a record of this:
a credit of €100
I have three credits on my bank statement.
OPP DEBIT
5 (Accounting ) [C] (abbr Cr) (AmE spelling cr)
an amount that is written in a company's financial account to show an increase in money that the company owes or a decrease in the value of its assets:
Produce a trial balance to ensure that credits equal the debits.
the credit side of an account
OPP DEBIT NOTE The credits are recorded on the right side of a traditional T-account.
6 [C,U]
a reduction in an amount of money you have to pay; a payment that you have a right to receive:
The government's tax plans included expanding the existing credit for small businesses.
7 (Accounting ) [C,U]
an amount of money that is paid back or owed to you, because you paid too much; a record of the amount:
We will issue you with a credit for any damaged goods that you return.
a credit of €60
8 [U]
the status of being trusted to pay back money to sb who lends it to you:
Her credit isn't good anywhere now.
⇨ CREDIT HISTORY, CREDIT RATING
■ verb [+ obj]
1
to put an amount of money into a bank account:
The funds will be credited to your cheque account today.
Your account has been credited with $50 000.
2 (Accounting )
to write an amount in a company's financial account to show an increase in the money the company owes or a decrease in the value of its assets:
The cash received was debited in the cash book and credited to the sales account.
OPP DEBIT
NOTE You credit a traditional T-account by writing amounts on the right side.