We can’t imagine anyone not knowing what a credit card is in this day and age but in case you don’t, a credit card is a plastic card embossed with the account number, initials and surname of the cardholder to which an account is assigned. The account makes provision for a credit limit that can be used to purchase goods and services and to obtain cash disbursements on credit.

Repayment of the credit which was extended can be effected through several convenient payment methods and repayment amounts at once or in installments.

It’s important to keep tabs on your credit card bill and compare credit terms and conditions before accepting a card. Always shop around for cards with low interest rates and consider accepting those that you pay off at the end of each month. Take advantage of no interest time periods only if you can pay off the charges before the interest resumes. Never accept a credit card that involves a yearly fee!