Important Terms For First-Time Credit Card Users

Before you get your first credit card it’s important to become familiar with certain credit card terms. Educating yourself on these terms will help you understand how credit works. That way you can prevent mistakes from ever happening – such as a mountain of debt. Take a look at these important credit card terms below:

Annual fee – An annual fee is how much a credit card company charges every year for owning your credit card.
Annual percentage rate – Also known as APR, the annual percentage rate is the rate you will be charged for any balance you carry on your card.
Charge-back – A charge back is when a credit-card provider makes a demand for a retailer to make good the loss on a fraudulent or disputed transaction.
Credit line – A credit line is the amount of money you are allowed to borrow. It is also known as a credit limit.

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