Credit Meaning: Definition, Examples, and Translations
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credit
[ˈkrɛdɪt ]
Definitions
financial
An arrangement for deferred payment of a loan or purchase.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| credit |
Can also mean a source of pride or honor.
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| loan |
Use when referring to a sum of money that is expected to be paid back with interest.
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| finance |
Appropriate when talking about the management of large sums of money, especially by governments or large companies.
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| trust |
Use when referring to reliance on the integrity, strength, ability, or character of a person or thing.
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Examples of usage
- Apply for a credit card to build your credit history.
- She used credit to buy a new car.
education
Recognition of a student's completion of a course or program.
Synonyms
acknowledgment, recognition, validation.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| credit |
Used when referring to giving someone financial resources or recognizing their role or contribution, often in a formal setting.
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| recognition |
Appropriate when you need to express formal appreciation or honor someone for their achievements or contributions.
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| acknowledgment |
Suitable for situations where you mention someone's effort or contribution but not necessarily in a formal or official manner.
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| validation |
Used when verifying or proving the truth of something, often in contexts involving feelings, experiences, or data.
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Examples of usage
- She received credit for the advanced placement exam.
- He earned extra credit by doing a research project.
financial
To add money to an account.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| credit |
Typically this implies noting someone's contribution or financial transactions positively, similar context as the first 'credit'.
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| add |
This is used when you want to include something extra or more, generally without any specific formal recognition.
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| deposit |
This word is used when you want to put money into a bank account or to place something somewhere for safekeeping.
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| acknowledge |
Use this to recognize someone's effort or existence in a formal or informal manner.
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Examples of usage
- I will credit your account with the refund.
- The bank credited my savings account with interest.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Economics
- Credit is essential for personal finance, allowing people to make large purchases and pay them over time.
- A credit score rates a person's reliability in repaying borrowed money, reflecting their financial health.
- Businesses rely on credit to invest in growth, covering costs before revenue comes in.
Pop Culture
- Many movies use 'credit' in their storyline, often showing the importance of borrowing and trust.
- The phrase 'building credit' is common on social media, reflecting how people manage their finances.
- Songs about financial struggles often mention credit as a factor in life challenges.
Psychology
- People's perception of credit can influence their spending habits, leading to potential debt.
- Studies show that those educated about credit management make better financial choices and feel less anxiety.
- Social factors, like peer pressure, can affect how individuals view and use credit.
History
- The concept of credit has existed for thousands of years, with ancient Mesopotamians using loans for agricultural purposes.
- In medieval Europe, credit systems emerged with merchant networks, facilitating long-distance trade.
- The establishment of credit bureaus in the late 19th century marked the formal recognition of creditworthiness in lending.
Origin of 'credit'
Main points about word origin
- The word comes from the Latin 'creditum', meaning 'a loan' or 'something entrusted'.
- It entered the English language in the 15th century related to trust and belief.
- The modern concept expanded thanks to banking systems that developed in the Middle Ages.
The word 'credit' originated from the Latin word 'creditum', meaning 'a loan'. The concept of credit has been around for centuries, with ancient civilizations using credit systems to facilitate trade. Over time, the meaning of credit has evolved to include financial trust and recognition of achievement. In modern times, credit plays a crucial role in the economy, enabling individuals and businesses to access funds and make purchases based on trust and promise of repayment.