Money Basics
How Credit Cards Work
A credit card lets you borrow money up to a limit, then pay it back by the due date or carry a balance.
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What happens when you use a card?
Every purchase adds to your balance. At the end of the billing cycle, the card issuer sends a statement showing your balance, minimum payment, and due date.
What is a credit limit?
Your credit limit is the maximum amount the card issuer allows you to borrow on that account.
Why does paying in full matter?
If you pay the full statement balance on time, many cards do not charge interest on purchases. Carrying a balance usually means interest will be added.
Common fees
Cards can have late fees, annual fees, balance transfer fees, or cash advance fees, so it is important to read the terms.
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