A credit card is a financial agreement between the card holder and the bank or credit union. This card contains a magnetic strip that contains the personal identity and secured information of the holder. This card also contains the photo of the card holder and is used at the money dispensing machines (Automated Tailor Machines or ATM’s).
It is small card that contains the complete financial details of the customers. The terms of the deal are set by the lender which include how often payments are to be made, what will be the minimum payment, and what the rates of interest that will be applied are. The borrower has to pay not just the borrowed amount but also the additional charges based on the rate of interest.
Credit card is a beneficial tool for the customers. Some of the benefits are:
Credit cards can help you improve your daily lives if you use them responsibly. But the temptation to live beyond your means and max out your credit limit can be a problem. That’s why it’s important to think of your credit cards as tools that you can use.
Some of the important things to be kept in mind that will help you to manage your credit card debt are:
There are many benefits of having credit card. If you understand that credit card money is just like loan, things would be better. If you aim to clear your credit card balance every month, it will be beneficial else the balance will have interest charged on it and there can be all the consequences that occur with loan.
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