Kembara’s Financial Solutions-Credit Cards
Credit cards frequently offer lending options that are even more versatile than an overdraft. Banks, specialized companies like Visa and MasterCard, supermarkets, football teams, and charitable organizations all offer credit cards. When someone applies for a credit card, if they are approved, they are given one with a specific borrowing limit (the credit limit). After that, they can use the card to make purchases, and the amount borrowed will rise with each one. The borrowed funds must be repaid in full at least monthly. It is a good idea to pay off all of the borrowed money each month in order to avoid paying interest, which is typically imposed on unpaid debt at a rate of roughly 20% per year. Consequently, credit cards frequently contain the following features: • adaptable, allowing use up to the credit limit; and at a variable interest rate, which is typically expensive • Monthly payments of a minimum amount are necessary.
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