Aren’t credit cards bad?
Don’t they trap people in a ton of debt?
Credit cards are a tool.
When used the right way, they can help you build wealth. If used irresponsibly, they can trap folks in a cycle of debt that’s very difficult to break. Check this site http://xn—-ymca3ca4fraek.com
Let’s go through them, top to bottom.
Credit Card Terminology
Here’s a quick list of some of the most common terms.
Some, but not all, credit cards come with an annual fee. This is exactly what it sounds like. You pay a yearly fee just for having the card. Usually, the fee is waived for the first year that you have the card. The fees range from $30 to $500 per year. Visit this site usfinancer.com
Annual Percentage Rage
You’ll usually see this abbreviated as APR. This is the interest rate you pay on the purchases you make. You can avoid paying interest if you pay off your full credit card balance each month.