The present system for the secure execution of credit based point of sale purchases uses a credit card that is devoid of any human readable customer account information on the face of the credit card and that encodes all the relevant account information on read only media built into the credit card. This encoded information can be encrypted or protected is some manner to prevent its retrieval by an unauthorized user. In addition, the present system makes use of a point of sale terminal to execute the transaction. In the transaction, the point of sale terminal scans the credit card to obtain the account information encoded therein and the user then inputs a personal identification number PIN to proceed to the next step of the charge process. The PIN number can be used as the cryptokey if the account information is encrypted on the card, or may simply represent a first level of user authentication. In either case, the account information and user authentication information is transmitted to a remotely located credit authorizing agency via telephone lines. Neither the credit card account number nor the type of card (VISA, MASTERCARD), nor the PIN number is displayed to the clerk on the point of sale terminal. If the credit card number and PIN number transmitted to the remotely located credit authorizing agency match the customer data stored at the remotely located credit authorizing agency, the point of sale terminal displays a copy of the user's signature (or photograph) for comparison by the clerk with the user's written authorization of the purchase (and/or physical appearance).