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. Billing Statement

    A periodic report that credit card companies issue to credit ...
  3. Investment Club

    A group of people who pool their money to make investments. Usually, ...
  4. Cycle Billing

    The practice of billing different customers based on a scheduled ...
  5. Foreign Draft

    An alternative to foreign currency. A foreign draft is a bank ...
  6. Bank Draft

    A type of check where the payment is guaranteed to be available ...
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. Investing

    The Benefits Of An Investment Club

    Don't want to be a passive investor? Discover how investment clubs allow you to take control of your portfolio.
  7. Personal Finance

    How Credit Cards Built A Plastic Empire

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

    The History Of Consumer Credit Rights

    The Fair Credit Billing Act of 1974 gave consumers the power to dispute credit card charges.
  9. Personal Finance

    Procrastinator's Guide To Bill Payment

    Avoid punishing late fees and keep your credit score intact with these 10 tips.
  10. Financial Advisor

    Finding the Right Yacht Club: A Quick Guide

    Hello, Commodore! Everything you ever wanted to know about these gathering sites for boat owners and renters, and how to do a shipshape search for one.
RELATED FAQS
  1. How can I find an investment club in my area?

    Investment clubs have been around for several decades and are simply groups of people who get together to invest. While the ... Read Answer >>
  2. 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 >>
  3. Who uses bills of exchange?

    Find out who uses bills of exchange, why they are important in international trade and what happens when a bill is traded ... Read Answer >>
  4. Can you use your Walmart credit card at Sam's Club?

    Learn how you can use a Walmart credit card at Sam's Club. Sam's Club also takes a variety of other payments and has many ... Read Answer >>
  5. What are the differences between debit cards and credit cards?

    Learn how the major difference between a debit card and a credit card is where the money comes from when a customer makes ... Read Answer >>
  6. How long should you hold on to credit card statements?

    Holding on to credit card statements can be helpful when they contain personal purchases, tax-deductible items, or products ... Read Answer >>
Hot Definitions
  1. Federal Direct Loan Program

    A program that provides low-interest loans to postsecondary students and their parents. The William D. Ford Federal Direct ...
  2. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  3. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  4. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  5. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  6. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
Trading Center