Think about credit cards before online processing - the old paper machines that imprinted your card onto carbon paper. The merchant was guaranteed payment. You

Think about credit cards before online processing - the old paper machines that imprinted your card onto carbon paper. The merchant was guaranteed payment. You, on the other hand, were indebted to the bank. The concept of a “credit limit” was the line over which the bank insisted you not step, lest you incur fees galore.