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English definition of “credit”

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credit

noun
 
 
/ˈkredɪt/
[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 UK BANKING 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] ( abbreviation CR) ACCOUNTING 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
(Definition of credit noun from the Cambridge Business English Dictionary © Cambridge University Press)
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