Are credit cards a Medium of Exchange?

Money primarily takes the form of paper notes, coins and checkable deposits. Paper notes and coins can readily be used to make payments and are widely accepted as a medium of exchange. The reason of accepting chequable deposits as a medium of exchange is that cheques can be easily drawn against these types of deposits which can easily be used to make payments. Although some people might refuse to accept cheques as a medium of exchange because they might have fear that the person who is making the payment might not have sufficient amount of money in his account, but they are generally accepted as a medium of exchange.
However, the paper notes and coins authorized by the government can never be refused by anyone as a medium of exchange. There are other kinds of deposits such as term deposits which can be used only after a specified period of time. Such deposits cannot act as a medium of exchange because you cannot make payments readily against them and also, they are generally not accepted as a medium of exchange.