If you're new to the world of credit, you probably have some questions about how credit cards work. There's a lot to learn when you start using credit cards, and a lack of knowledge can end up costing you money.
This beginner's guide will cover all the credit card basics. You'll learn exactly how credit cards work, how to choose the best first credit card, and plenty of other information you'll need to know about using credit cards.
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How do credit cards work?
A credit card is tied to a credit account with a financial institution. When you use the card, you're borrowing money from the credit card issuer. You can use a credit card to purchase goods or services with any merchant that accepts credit cards. Some cards also let you get a cash advance, although this isn't recommended because of the high fees involved.
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The amount you owe on a credit card is called the balance. If you make a $100 purchase, your card's balance would increase by $100.
Each credit card has a credit limit, which is the maximum amount you can owe the bank at one time. For example, if your card's credit limit is $1,000, then the balance can't exceed that amount.
