Since the Bologna Declaration was signed (1999), there has been an increased interest in credits and credit (point) systems for controlling the workload in higher education and for defining educational standards. Several articles and studies (often research for the European Commission) have been published on the nature, strengths and limitations of a credit accumulation and transfer system. Many countries are checking if their own regulations confine with the third objective in de Bologna Declaration, "the establishment of a system of credits -such as in the ECTS system- as a proper means of promoting the most widespread student mobility". However, it is not always clear what exactly is meant by credit (system). In Flanders (northern part of Belgium) for instance the Flemish University Council has been asked to prepare advice on the introduction, characteristics and implications of a credit system and on the conditions for its optimal functioning. The introduction of a flexible credit system in higher education has been described as extremely important because "the Flemish (i.e. Belgian) year-based system is increasingly occupying a marginal place in the international educational landscape". Several (foreign) writers, however, have written that Flanders already has a credit system in its higher education.The aim of this paper is to address this confusion and propose a framework for characterizing a (flexible) credit system and its implications. The framework presented is the result of a study undertaken for the Flemish Interuniversity Council, combining a literature review with empirical research (a visit to several universities in England, Scotland, The Netherlands, France and Sweden). In addition to discussing the different possible meanings of a credit (system), illustrated with findings from several European universities, I will address some obstacles often associated with such a system.