Getting a credit card for the first time is exciting. A company has essentially trusted you with a certain amount of money and if things go right the two of you can have a long a mutually beneficial relationship.
But, as a new borrower there are some terms you should probably be aware of, so you don’t make any costly mistakes.
Minimum payment: The minimum payment amount is the lowest amount of money required to satisfy the bill for that billing cycle. It is recommend to always pay more than the minimum amount owed.
Over-the-limit-fee: If you o happen to charge more on your card then your limit, you will be charged this fee.
Variable Interest Rate: With variable-rate cards, your APR can vary as market interest rates change.