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How Credit Cards Work: Credit Cards for Beginners
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For being such a small piece of plastic, there are a lot of important features and details surrounding credit cards. And most Americans have never learned all of the details. So, take the next couple of minutes to read through the facts; the knowledge could save you quite a bit of money.
History of Credit Cards
Credit cards have been around in the U.S. for nearly 100 years. Starting out as a marketing tool for gas stations, hotels and department stores, the cards helped companies build loyal customers. But over the years, credit cards evolved into more than just loyalty programs – they have provided consumers like you with a convenient payment method. And with technology developing at a quicker rate than ever before, we have a feeling that the evolution of credit cards is nowhere near over.
Unfortunately, as credit cards continue to evolve, the complexity of credit card terms has increased over the years. This makes the convenient payment method one that can be confusing, and, if used incorrectly, costly.
Uncovering the Mystery
So, here are the details of some of the more confusing features of modern-day credit cards:
Making the Right Pick
Now that you know your stuff, you’re ready to pick the right card for your wallet. With so many options available, it can be an overwhelming choice. But if you keep your focus, it doesn’t have to be so difficult. Ultimately, the most important feature of the credit card is going to be the cost. So, set your sights on the interest rates and fees and the rest of the details will settle into place.
Here are some tips for picking the right card for your wallet:
If you still feel overwhelmed by your options, be sure to use the tools and information provided by credit card comparison sites like CreditDonkey. These sites help you narrow down your options and layout the features and benefits so it’s easy to compare.
(Additional Writing by Meghan; Graphic Design by Anita)
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