credit
noun
uk/ˈkredɪt/ us [ U ] COMMERCE, FINANCE
a method of paying for goods or services at a later time, usually paying interest as well as the original amount:
give/extend/offer credit to sb U.S. banks are reluctant to extend credit to the troubled nation.
deny/refuse sb credit Have you ever been refused credit?
on credit They've purchased all sorts of leisure equipment on credit.
The card has no annual fee and users get up to eight weeks' interest-free credit.
[ U ] FINANCE
the money lent by financial organizations to companies, governments, people, etc.:
domestic/foreign/international credit The central bank attributed the rise in domestic credit during the period to a rise in private sector credit.
cheap/affordable/easy credit Rising house prices were fueled by easy credit.
Agricultural borrowers are concerned about credit availability as the farm economy weakens.
[ U ] FINANCE
the amount of risk when lending money to a particular person or organization, based on how likely they are to pay it back:
weak/poor/bad credit Too many mortgages had been granted to home buyers with weak credit.
good credit They will let you take the goods and pay later if your credit is good.
[ C ] BANKING
a payment of money into a bank account:
His bank statement shows two credits of $5000 each.
Compare
debit noun
in credit
BANKING UK
if a person or their bank account is in credit, there is money in the account:
As long as you stay in credit, there will be no charges for normal transactions on your account.
[ C ] ACCOUNTING ( abbreviation CR)
an amount recorded on the right side of a company's financial accounts, which shows a decrease in assets or an increase in debt:
The accounting system automatically generates a credit to the account that was debited.
Compare
debit verb
[ C or S ] TAX
an amount by which someone is allowed to reduce the amount of tax they pay, because they have spent money on a particular thing:
He introduced a new tax break in the form of a child-care credit.
See also
tax credit
[ C or U ] ACCOUNTING, COMMERCE
an amount of money that you have available to spend with a store or business, for example, because you returned a product or paid too much for it:
If you are dissatisfied with any item, it may be returned within 14 days for credit, refund, or exchange.
[ U ]
praise for doing something good:
credit for sth The whole team deserves credit for bringing the project in on time.
take (the) credit She felt he had taken the credit for her idea.
See also
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
long-term credit
medium-term credit
pollution credit
revolving line of credit
secured credit
short-term credit
tax credit
trade credit
unsecured credit
credit
verb [ T ]
uk/ˈkredɪt/ us BANKING, FINANCE
to show that money has been added to something such as an account:
When dividends are received the shareholder's account will be credited.
credit sth with €10/€1000, etc. Within a week my card was credited with the $219 difference.
credit €10/€1000, etc. to sth The bank mistakenly credited almost $1 million to his account.
ACCOUNTING
to record an amount on the right side of a company's financial accounts to show a decrease in assets or an increase in debt:
credit sth to sth A fair amount should be periodically credited to 'reserve' for depreciation.