Credit Card

A credit card can be a convenient way to pay for almost anything, from a new pair of shoes to a holiday in the sun. But it’s important to remember that a credit card is a type of loan. When you spend on a credit card you are essentially borrowing money – and if your debts get out of hand you could end up in big trouble.
When you apply for a credit card, you apply to borrow money from the card issuer, usually a bank. The issuer will look at your credit history before it accepts your application – and if you have a low credit score you could be refused credit.
If all is well, the bank will set a credit limit, which is the maximum amount you can spend on the card. The card company will send you a statement every month, detailing the transactions on the card, plus the amount owing. It should also give the minimum payment and the payment due date.

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