credit

/ˈkɹɛdɪt/noun

An arrangement that lets you buy something now and pay for it later.

Example sentences

“We bought the sofa on credit and pay for it monthly.”
“The store offers credit to customers with a good payment history.”
“Buying a car on credit can be expensive because of interest.”

Common phrases: on credit, credit card, credit limit. 'In credit' (British) means your account has money in it.

On the Academic Word List. Find it in: Academic vocabulary.

Related words

discreditDamage done to the reputation of a person, family, or institution, or someone or something that causes such damage.debtAn amount of money that a person or organization must pay back to someone else, usually after borrowing.coinA small flat piece of money, usually a metal disc, though sometimes many-sided or with a hole through the centre.savingsMoney that has been set aside and kept for future use.walletA small flat holder, usually leather, for carrying cash, bank cards, and similar items.invoiceA document a seller sends to a buyer listing the goods or services supplied, their quantities, and the amount owed.