A credit card lets you spend money on credit (borrow it from the bank). You can spend up to your credit limit, which might be a few hundred or even a few thousand pounds, depending on how confident the bank is that you can pay it back. It is usually advisable to pay off the bill every month – if you do you won’t pay interest on what you borrow. If you don’t pay the bill off in full the interest can be very high.
- Reading time:1 mins read
- Post category:Finance and money
- Post published:January 11, 2013