Chits
/tʃɪts/ noun (plural)
Definition: Things and/or favors one can trade for someone else’s. For example long-term use of a prominently located cabana at an exclusive club would be fair exchange for a ride in a private jet.
Etymology
Originally derived from the Hindi word chitthi (a note or letter). In colonial and naval history, it referred to a signed voucher for a small debt or a drink tab. Socially, it evolved to represent a “marker” of what one is owed by another, forming an informal ledger of mutual obligation.
Usage
Context: Used to describe the transactional nature of high-stakes social or business relationships. It implies a “fair exchange” of luxury or influence—such as trading access to an exclusive club for a seat on a private jet. As noted by the “Chit Words of Wisdom,” the social value relies on integrity: wasting a chit on something trivial is a mistake, but over-leveraging or “abusing” one can ruin a reputation.
In a sentence: Aunt Laura’s “Chit Words of Wisdom” to live and die by: “The only thing worse than wasting a chit is abusing a chit.”