Do you know how credit cards really work?

• You must be 18 years of age or more to have a credit card.
• The issuer approves a limit that the credit card user can spend up to. The issuer charges interest on the amount spent while it is being repaid and charges the place (where you bought something) a commission.
• When a purchase is made, the credit card user agrees to pay the card issuer by signing a receipt with a record of the card details and indicating the amount to be paid.
• Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, and the total amount owed.
• After receiving the statement, the cardholder may dispute any charges that he or she thinks are. Otherwise the cardholder must pay a defined minimum proportion of the bill by the due date, or may chose to pay a higher amount up to the entire amount owed.