What is a credit card?

A credit card is a piece of plastic that actually allows you to use a bank’s money for a  short period of time.

The name itself is an indication that the bank is giving you some amount of money to use.

This amount is not a gift so you have to pay back the amount that is spent using a credit card.

The amount has to be paid back usually within 15-20 days of the end of the credit cycle of the card.

If the amount is not paid back by the due date then the interest meter would start.

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