Credit Cards

A credit card is plastic token, with a magnetic stripe and/or a chip, used as a payment instrument to carry out:

• payment of purchases and services, from suppliers having a card-reading "payment terminal" or a in vending machine

• cash withdrawals at ATMs

• Internet payment, etc

There are several categories of cards:

• Payment card: Any bank card issued by a credit institution as defined in Article I of law No. 34-03 on credit institutions and similar bodies, and allowing its holder to withdraw and transfer funds

• Credit card: Any card entitling its holder to refund the paid or withdrawn money in a given deadline

• ATM card: Any bank card issued by a credit institution allowing its owner to withdraw funds only

Other types of card

• Charge card: Any card issued by a nonbanking institution, which can be used only in some outlets. It is usually attached to a credit line

• Wallet card: also called E-wallet, it is a prepaid card which accepts credit and debit orders (rechargeable)

In Morocco, bank cards are governed by:

• The Commercial Code (articles 329 to 333)

• Agreements between banking institutions (issuers) and customers (holders of payment instruments)

• Agreements between the payment system and the subscribing traders