Credit Card
At Loans For All, Credit cards are financial tools issued by banks or credit unions that allow users to borrow money to make purchases, with the understanding that the borrowed amount must be repaid.
Borrowing Limit (Credit Limit): Each credit card has a credit limit, which is the maximum amount you can borrow.
Interest Rate (APR): If the balance isn't paid in full by the due date, interest is charged, often at an Annual Percentage Rate (APR).
Grace Period: Most cards offer a period (usually 21-25 days) where no interest is charged if the balance is paid off in full by the due date.
Minimum Payment: If you can't pay the full amount, you must make at least the minimum payment to avoid penalties.
