Credit Card Services And Why We Need Those Little Cards
Practically everyone in the United States has credit cards. From teenagers to retirees, almost everyone has at least one credit card. Everywhere we go we see ads – in the television, radio, newspapers, billboard advertisements – on credit cards. Some credit cards are even mailed directly to our homes. But what are credit cards and why should you have one?
Simply stated, a credit card (or for many, just known as credit, is a financial arrangement between you, the consumer or the card user, and an institution (in most instances a bank), that you have to borrow instant money from them and promises that you will repay them back in the future. The institution agrees to that it will give the money you need and expects you to pay them over a certain time period, like on a monthly basis. Your payment will include not just the entire money you owed the group or institution but also an additional charge that is known as an interest rate, if you are unable to pay your full balance on time monthly.
Credit can provide various services, making it an indispensable tool for today’s consumers. These...
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