Legal Definitions - credit slip

Definition: A credit slip is a document that a store customer can use to either purchase another item or receive cash or credit for merchandise that they have returned to the store.

Example: If a customer purchases a shirt from a store but later decides to return it, the store may issue a credit slip to the customer. The credit slip can then be used to purchase another item in the store or receive a refund for the returned merchandise.

Another example: A customer may receive a credit slip if they have a store credit or gift card that they want to use towards a purchase. The credit slip would allow them to use the store credit or gift card towards their purchase.

These examples illustrate how a credit slip can be used in different situations to either purchase another item or receive cash or credit for returned merchandise or store credit/gift cards.