Credit cards are financial tools issued by banks or financial institutions that allow consumers to borrow funds to make purchases or pay for services, up to a certain limit. When a credit card is used, the cardholder is essentially taking out a short-term loan, which they are required to pay back, typically on a monthly basis.
Credit cards come with a set credit limit, determined by the issuer based on the cardholder’s creditworthiness. Users can charge spending to their card and then repay the issuer. If the balance is not paid in full by the due date, interest may be charged on the unpaid amount.
Credit cards often provide additional benefits, such as rewards programs, cashback, travel insurance, and other perks. They typically include features such as customer protection against fraud, the ability to provide a line of credit in emergencies, and increased convenience compared to cash transactions.
The responsible use of credit cards can help build a positive credit history, while misuse—such as accumulating debt and missing payments—can lead to negative impacts on credit scores.
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