What Is a Credit Card?: A credit card is a card that allows you to borrow money in small amounts at local merchants. You use the card to make your basic transactions.
The credit card company then charges you interest on your purchases, though there is generally a grace period of approximately thirty days before interest is charged if you do not carry your balance over from month to month. Credit cards have high interest rates and are considered a revolving line of credit that you can use again after you pay it down. Your credit card balance and payment history can affect your credit score.
A credit card is a line of credit you can access with your card.
Generally, you must sign on these purchases (exceptions may be at the gas pump or for small amounts at a drive-thru window).
You will pay interest on the purchases made if not paid off in thirty days.
ANNUAL FEE: Exactly what it sounds like. It’s a fee you pay the credit card company to carry their product. Most cards don’t have an annual fee, but they’re common on cards that offer high rewards rates. Cards for people with average or bad credit are more likely to have a fee, as well.
REWARDS PROGRAM DETAILS: If you have a rewards credit card, this portion will spell out exactly how you earn and redeem your rewards. Read this section carefully. Many credit card rewards programs are fantastic, giving you cash back or points you can redeem for free travel. But others aren’t all they make out to be — paying minuscule rates or giving you rewards only for crummy merchandise you don’t want or gift cards you’ll never use.
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ISHAN LLB : 5 Things You Need to Know About Credit Cards in Hindi | By Ishan