DEFINITION of 'Country Club Billing'

A now-defunct billing system used by credit card companies up until the 1970s. Country club billing includes copies of the original sales drafts with each monthly statement sent to customers. This was done to provide proof of each purchase that was recorded on the card.

BREAKING DOWN 'Country Club Billing'

Country club billing was discontinued back in the 1970s due to rising costs and labor. It was replaced with a descriptive statement, which contained all of the information that was previously on the sales drafts. This system was much cheaper and faster to print and mail, and has been used ever since.

RELATED TERMS
  1. Descriptive Billing

    A type of credit card billing that includes the date, merchant's ...
  2. Investment Club

    A group of people who pool their money to make investments. Usually, ...
  3. Bank Draft

    A type of check where the payment is guaranteed to be available ...
  4. Demand Draft

    A method used by individuals to make transfer payments from one ...
  5. Foreign Draft

    An alternative to foreign currency. A foreign draft is a bank ...
  6. Credit Card

    A card issued by a financial company giving the holder an option ...
Related Articles
  1. Managing Wealth

    4 Tips For Joining An Investment Club

    These circles of like-minded people are a wonderful way to explore investing without laying out large sums.
  2. Investing

    Investment Clubs Pool Assets, Expertise

    Forming a network of other like-minded investors and professionals can bolster returns.
  3. Investing

    What You Learn at University Investment Clubs

    University investment clubs are where Wall Street and the classroom intersect.
  4. Investing

    Benefit From A Winning Investment Club

    Joining an investment club isn't a get-rich-quick scheme, but it can help you learn the ropes or sharpen your investing skills.
  5. Personal Finance

    Automating Your Bill Payments

    Automation can be a painless (and free) way to remove the stress of bill scheduling from your life - if you do it right.
  6. Personal Finance

    How Credit Cards Built A Plastic Empire

    A decade before Mastercard or Visa existed, the first credit card company was introduced.
  7. Personal Finance

    Procrastinator's Guide To Bill Payment

    Avoid punishing late fees and keep your credit score intact with these 10 tips.
  8. Personal Finance

    3 New Types Of Credit Cards To Look For

    These three types of credit cards are becoming popular with customers looking to pay less fees and build up their credit scores.
  9. Managing Wealth

    When It Pays to Join a Golf Club

    If you play enough golf, it might just be time to consider joining a golf club.
  10. Tech

    Top Credit Cards For Airline Miles

    Which companies offer the best credit cards for airline miles travel? Two resources to examine closely.
RELATED FAQS
  1. How can I cancel a bank draft that I have purchased?

    Learn about what a bank draft is and how it works, the circumstances under which a bank draft may be cancelled, and what ... Read Answer >>
Hot Definitions
  1. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  2. Blue Chip

    A blue chip is a nationally recognized, well-established, and financially sound company.
  3. Payback Period

    The length of time required to recover the cost of an investment. The payback period of a given investment or project is ...
  4. Collateral Value

    The estimated fair market value of an asset that is being used as loan collateral. Collateral value is determined by appraisal ...
  5. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
  6. Current Account

    The difference between a nation’s savings and its investment. The current account is defined as the sum of goods and services ...
Trading Center