A credit card is a loan granted to you by a financial institution up to a certain amount – the credit limit. There is normally a grace period in which you will not be charged interest on purchases. Is useful for buying online and borrowing for short periods less than a month.
It is important to make sure you are availing of the best rates on any existing balances you have on your credit cards as this will allow you to pay them off quicker.
Pay off in full every month before interest is charged on your purchases. Know your limit and your grace period – will be on your monthly statement. If there is a large outstanding balance on your credit card pay off more than the minimum each month and stop using. Consider transferring the balance to a competitor that charges 0% on outstanding balances for a certain period.
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