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Credit cards are a popular financial tool that can help you make purchases, pay bills, and build credit. Here’s how they work:
Credit Limit: When you open a credit card account, your credit card company gives you a set credit limit. This is essentially an amount of money that the credit card company allows you to use to make purchases or pay bills. Your available credit is reduced as you charge things to the card.
Transaction Process: When you use a credit card to make a purchase or pay a bill, your card details are sent to the merchant’s bank. The bank then gets authorization from the credit card network to process the transaction. Your card issuer then has to verify your information and either approve or decline the transaction. If the transaction is approved, the payment is made to the merchant and your card’s available credit is reduced by the transaction amount.
Billing Cycle: At the end of your billing cycle, your card issuer will send you a statement showing all the transactions for that month, your previous balance and new balance, your minimum payment due, and your due date.
Interest Charges: If you carry a balance month to month, your card issuer can charge you interest. Your credit card’s annual percentage rate (APR) reflects the cost of carrying a balance on an annualized basis. Your APR includes both your interest rate and other costs, such as an annual fee if your card has one.
Rewards: Some credit cards allow you to earn rewards on purchases in the form of points, miles, or cash back.
Credit Score: Using a credit card responsibly can help you build credit history through healthy financial habits.
It’s important to read the fine print closely on credit card promotional offers and understand how interest rates work before applying for a credit card.
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