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The cardholder purchases goods or services from the merchant.
The merchant sells the transaction to the acquirer and is reimbursed the amount of the sales ticket, less than agreed-to discount, by the acquirer.
The acquirer submits the ticket to the issuer for payment, via the MasterCard or Visa interchange and settlement system.
The issuer bills the cardholder.
Finally, the [...]

1. The cardholder purchases goods or services from the merchant.
2. The merchant sells the transaction to the acquirer and is reimbursed the amount of the sales ticket, less than agreed-to discount, by the acquirer.
3. The acquirer submits the ticket to the issuer for payment, via the MasterCard or Visa interchange and settlement system.
4. The issuer bills the cardholder.
5. Finally, the [...]

What is revolving credits?

Allow cardholders to charge purchases & draw cash advances against a line of credit.

Does not need to pay the full amount due each month, but may choose to make a partial payment equal to or above the minimum payment shown on the monthly payment

Any balance carried forward is subject to a finance [...]

Overview of the bankcard (Click the image for enlarge view)
Bankcard consists of:-

Credit cards
ATM cards
proprietary debit cards
check guarantee cards

Credit cards divided into:-

Bank credit cards
Non-bank credit cards

The three types of non-bank credit cards are:-

private label retail cards
oil company cards
travel and entertainment cards