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Credit cards

The use of credit cards or ‘plastic money’ has gained popularity over the last couple of years. Credit cards have eliminated the need to carry cash for many people in the US. If you want to know more about credit cards, here is an elaborate article on what a credit card is, how it works, and everything else you like to know about getting a credit card.


What is a credit card?

Before diving into how credit cards work, you need to understand what they are. A credit card is a small rectangular piece, usually plastic or metal, issued by a bank or other financial company that allows the holders of the card to pay for goods and services; credit cards are only accepted by businesses and merchants who will enable the use of credit cards as a payment method.


How does a credit card work?

A credit card represents a mechanism of payment. A credit card generally operates as a cash or cheque substitute and provides an unsecured revolving line of credit.

A credit card is a revolving line of credit; this implies that you can use your credit card to purchase goods and services on credit up to a predetermined credit limit. When you hit your credit limit, you will have to pay for the credit card to be able to use it again. Credit cards are preferable for ongoing daily purchases. Credit cards, like any other loan, charge interest depending on the amount borrowed. 

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How to get a credit card

There are different types of credit cards: Visa, Mastercard, Discover, and American Express. With so many credit cards available, you need to choose the one that is best for your need.

The best credit card to get is an unsecured credit card. An unsecured credit card does not require you to make any security deposit or collateral because it offers a higher line of credit and lowers interest rates.

Since all the credit card activities have a record in the bank or the credit company, cardholders who use their credit cards responsibly are viable to a good credit score.

I bet you didn’t know that getting a credit card is a good step in creating a good credit score. It will not just warrant another credit card but also put you in a better position to get other forms of loans, such as mortgage and auto loans.


How to apply for a credit card

The good news is that credit card applications can be made online, which makes the process easier, faster, and super convenient. 

All you will need to do is provide your information and your identity then the bank does the credit card processing after screening the information that you have provided

Factors you need to consider when applying for a credit card.

  • Understand your credit score
  • Evaluate your spending habits
  • Understand your future financial expenses

These three factors will help you identify the credit card that best fits your needs.


How to pay off your credit card debts?

Paying off your credit card(s) debts is essential because it will help you build a good credit score that can enable you to get more credit cards or acquire another form of a loan.

First, you can use another credit card, known as a balance transfer or business credit card. This way, you can transfer your debt from a high-interest rate credit card to a balance credit card that offers a lower interest rate.

Another way to pay off your credit card(s) debt is to consolidate it with other loan forms like a personal loan. This way, you can qualify for a consolidated loan that can cover all your credit card debts, depending on your credit score.


Can you pay a credit card with a credit card?

Absolutely yes, you can use a balance transfer credit card to pay off your credit card debts. The process is called a balance transfer. It involves transferring the balance from one card to another. The main reason for this transfer is to consolidate debt from a higher-interest card to a lower-interest card, making the payment more manageable.



Credit cards have gained popularity recently because so many people prefer to make cashless payments. Using your credit card responsibly and paying off your debt can warrant a perfect credit score to access any type of loan you need.