Now a days, people are using debit and credit cards for monetary transactions

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#1

Now a days, people are using debit and credit cards for monetary transactions. As per your opinion, is credit card a form of money?


#2

No, credit card is not money, as money is what we pay for goods and services but credit signifies owing money by the borrowers, e.g. if you buy a washing machine using credit card, it means you are owing money from bank which issued the credit card in order to facilitate the monetary transaction and later on, it collects the cash back when you pay-off your financial liability.
Thus, credit card is not a form of money, but it is an instrument which is used by the people as a medium of exchange at the time of financial transactions. However, credit cards are considered as near money as they perform several other functions of money.