How does a credit card payment processing work?

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The bank assigns a credit limit based on your credit rating upon evaluation.
Said limit can be utilized in any kind of transaction whether via face to face, online, phone, etc.
When transacting with a merchant without a physical terminal, clients are usually required to provide certain details indicated in the card, like cvc & expiry.
Credit card accounts have certain cut-off which determines usages within a period.
Transactions for that particular cut-off should be paid in full on or before the due date, otherwise, account will be billed with finance charge based on average daily balance & the date when partial payment was made.
Penalties are imposed for payments made after the due date.