It sounds like computerized food stamps that never run out and are available to the entire population, regardless of income.
One thing that I don't like about it is that it sounds like cc would be a large bureaucracy. For example, they might declare that plasma tvs with screens less than 21 inches are necessities of life (a citizen must be kept up to date with what is going on, etc), but that larger ones are luxuries. The classification would change as technology advanced, so that when flat-screen tvs took over, any size plasma tv would be seen as a necessity. This sort of thing would occur all the time, it seems to me, needing an army of bureaucrats to keep track of it all. Under this plan, the credits for necessities would be available to everybody, not just poor people. So a family with an average income, large enough to live in reasonable comfort, who, under today's system, would pay for their basic food, would no longer pay for it, meaning the government would. When you add in the other things you mention: 'health, basic health services, basic public transportation, basic shelter', it sounds like much, most? of the economy would be socialistic. Socialistic economies seem to work, unless they get too 'social'; not sure how social this plan would end up being.
