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Credit Cards

 
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What Is A Credit Card?


A Credit Card is a card issued by a financial lending institution that consumers can use to purchase goods when they do not have cash on hand. The consumer must then pay the balance of the credit card purchases in full each month or be charged interest on the balance.


 

The interest rates on credit cards vary widely and depend on your financial well-being.  Put another way, credit cards are a way for consumers to borrow money they do not currently have, but expect to have within the month. For more information about how credit cards work, click here.


 

Finding the right credit card is a lot like finding the right car or the right bank; it is important to shop around for the best rates and the best benefits. For more information about how to shop for credit cards and what your rights are while you are shopping for credit, click here.

 

For a comparison of Credit Cards versus Debit Cards, click here.

 

For more helpful Credit Card information, please see the links below:

 

  • Understanding how credit cards work - terms and conditions (PDF)
  • Cost of Credit calculator
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Financial Literacy Toolkit