What is a credit card?
A credit card is a payment card with a linked loan that allows you to purchase items without the use of physical paper money (cash) in the form of a short term loan. The main features of a credit card are:
Do I get charged interest immediately after I purchase something?
The short answer is no, you are not charged interest from the day you make a transaction. Most banks allow for an interest-free grace period of between 55 – 58 days. But that period is not from the date you make a purchase, it is from your last billing date (most banks billing date is the 1st of every month).
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