People are often unsure if they can use their credit card as a debit card. A lot of people don’t know that they can use their credit card as a debit card. This can cause them to miss out on some great benefits, like earning rewards or building up their credit score. So, how can you use a credit card as a debit card?
You can use your credit card to withdraw cash from an ATM or to make purchases at a store. You will need to enter your PIN to complete the transaction when you use your credit card as a debit card. However, you cannot use it to make debit payments. Additionally, some credit cards may not work with specific debit card machines.
In this blog post, we will discuss what you need to know about using a credit card as a debit card and how to do it. We will also look at the pros and cons of using a credit card as your primary means of payment. So, if you are interested in learning more about using a credit card as your debit card, keep reading!
What is a Credit Card?
A credit card is a plastic card that gives the cardholder a line of credit to make purchases or borrow money. It is bank’s money and not your own, so you have repay it within a limited time. The bank will then charge you interest on the borrowed money and any fees associated with the card.
If you carry a balance on your credit card from month to month, you will also be charged a monthly fee. This fee is typically a percentage of the outstanding balance and can add up quickly if you are not careful.
A Helpful Tool To Manage Finances
Credit cards can be a helpful way to manage your finances and make purchases that you may not be able to afford otherwise. Most people use credit cards to make everyday purchases, such as gas or groceries. Others use them to cover unexpected expenses, such as medical bills or car repairs. Some people use them to finance large purchases, such as vacations or new appliances.
Use Your Credit Card Responsibly
It is crucial to use credit cards responsibly to avoid debt and financial problems. If you cannot pay off your credit card balance in full each month, it is best to avoid using the card until you can get your finances under control. Only charge what you can afford to pay back, and always make your payments on time to avoid late fees and penalties.
With responsible use, credit cards can provide a convenient way to make purchases and help build credit history. However, using irresponsibly can lead to debt and financial problems. Use your credit card wisely and always pay your balance in full each month to avoid paying interest and fees.
Things To Remember While Using A Credit Card
You need to know a few things before using a credit card:
- Know your credit limit – This is the maximum amount you can spend on your credit card. Make sure you stay within this limit to avoid getting into debt.
- Know your interest rate – This is the rate at which you will be charged interest on any money you spend on your credit card. It is essential to know this so that you can budget accordingly.
- Know your repayment terms – This is when you must repay any money you have spent on your credit card. It is important to know this to ensure you can afford the repayments.
- Know your due date – This is the date you must make your minimum payment on your credit card. Make sure you pay at least this amount to avoid being charged late fees.
Types of Credit Card
There are many different types of credit cards available, each with its benefits and drawbacks. Here is a rundown of some of the most common types of credit cards:
Standard Cards
Standard credit cards are the most common type of credit card. Banks and other financial institutions typically issue them. Standard credit cards generally have a higher interest rate than other credit cards, such as rewards or balance transfer cards. However, they usually have lower fees and offer more flexible repayment terms.
Standard credit cards typically have a credit limit between $300 and $35,000. The average credit limit is around $30,000. However, depending on the issuer, some cards may have a higher or lower credit limit. You will be required to make monthly payments on your outstanding balance, and if you exceed your credit limit, you may be charged fees.
A standard credit card may be the right choice if you are looking for a credit card with flexible repayment terms. However, if you are looking for a card that offers rewards or other perks, you may want to consider other types of credit cards.
Premium Cards
Premium credit cards offer several perks and benefits not available with other types of credit cards. These can include rewards programs, concierge services, and extended warranty protection.
Rewards programs offer cash back or points that can be redeemed for travel, merchandise, or gift cards. Concierge services can help you plan your dream vacation or get tickets to sold-out events. And extended warranty protection can give you peace of mind when you make a big purchase.
When you use a premium credit card, you’ll enjoy perks and benefits that can save you money and make your life more convenient. These cards often come with an annual fee, but their benefits outweigh many cardholders’ costs. A premium credit card may be the right choice if you’re looking for a credit card that will give you more than just the basics.
Rewards Cards
Rewards credit cards allow cardholders to earn points, miles, or cash back on their spending. These cards can be a great way to save money on travel or everyday expenses, but they often have higher interest rates and annual fees than others.
You can earn rewards cards on purchases made in specific categories, such as gas or groceries, or on all purchases made with the card. You can usually redeem for travel, merchandise, or statement credits using rewards cards. These cards also offer special perks, such as airport lounge access or free checked bags.
There are a few things to keep in mind when considering a rewards credit card.
- First, ensure you understand how the rewards program works and what type of rewards you can earn.
- Second, be aware of any annual fees the card may charge and ensure the value of the rewards you earn will outweigh the cost of any fees.
- Finally, consider whether you prefer a card that offers flexible rewards or focuses on a specific category, such as travel or cash back.
Balance Transfer Cards
A balance transfer credit card is a type of credit card that allows you to transfer your balance from one credit card to another. When you share your balance, you’re essentially taking out a new loan with a lower interest rate and using it to pay off your existing debt. This can be a great way to save money on interest charges and pay down your debt faster.
Though, a few things to remember when considering a balance transfer.
- First, most balance transfer credit cards will charge a fee for the transaction. This fee typically ranges from 2% to 5% of the transferred balance.
- Second, the interest rate on your balance transfer credit card will usually be introductory and promotional. That means it will go up after a particular time.
- Check the terms and conditions of your balance transfer credit card before you apply to ensure you understand when the promotional interest rate expires.
- Finally, if you carry a balance on your transfer credit card when the promotional interest rate expires, you’ll be charged the regular interest rate on the remaining balance. That’s why paying off your balance before the promotional period ends are essential.
Secured Credit Cards
A secured credit card is a type of credit card that requires the cardholder to deposit money with the issuer as collateral. The deposit is typically equal to the credit limit on the card, which means that if you don’t make your payments, the issuer can take your deposit.
Secured credit cards are often used by people with bad credit or no credit history looking to build their credit. They can also be a good option for people who need to make a large purchase and don’t have the cash on hand.
If you’re considering getting a secured credit card, compare offers and read the terms and conditions carefully before you apply. You’ll also want to make sure you use the card responsibly by paying your bills on time and keeping your balance low.
Charge Cards
Charge credit cards are a type of credit card that allows the cardholder to charge purchases to their account and pay for them later. The interest rate on these cards is usually higher than on other credit cards. Still, they can be a good option for people who need to make large purchases or want to consolidate multiple debts into one monthly payment.
Charge cards can also be an excellent way to build credit, as long as the cardholder makes their payments on time and in full each month.
There are a few things to keep in mind when using a charge credit card.
- First, it’s crucial to ensure you can afford the monthly payments. Missing even one payment can damage your credit score, and you may also be charged late fees or penalties.
- Second, be aware of the interest rates on these cards. If you carry a balance from month to month, you’ll be charged interest on that balance. The higher the interest rate, the more you’ll pay in the long run.
- Finally, ensure you understand the card’s terms and conditions before using it. Some cards have annual fees, balance transfer fees, or other charges that can add up over time.
Benefits of Using Credit Cards
There are a lot of benefits to using credit cards. It can keep you away from hassle when you need the money most, and dont have actual and help you build your credit history. Here are some of the significant benefits of using a credit card:
Build Credit History
One of the benefits of using credit cards is that they can help you build a credit history. This can be especially helpful if you don’t have much (or any) credit history.
Building a credit history is essential because it can help you qualify for loans and other lines of credit in the future. It can also help you get better terms and rates on those loans and lines of credit.
And as a bonus, most credit cards offer rewards programs that allow you to earn points, cash back, or other perks just for using your card. So, you cannot only build credit by using a credit card but also enjoy some great benefits along the way.
Warranty and Purchase Protections
When you use a credit card to make a purchase, you are automatically protected by some warranty and purchase protection programs. These programs can save you time and money if something goes wrong with your purchase.
Extended Warranty Protection
Credit cards offer additional protection on purchases made with the card. Most credit card issuers will extend the manufacturer’s warranty for an additional year if your purchased item is damaged or defective.
Purchase Protection
In addition to extended warranty protection, many credit cards offer purchase protection. This benefit reimburses you for damaged or stolen items purchased with your credit card. Purchase protection can save money if your purchase is lost, stolen, or damaged.
Fraud Protection
Out of the other benefits that credit cards offer, fraud protection is one of the significant ones. If your credit card is lost or stolen, you can report it to the issuer, who will cancel the card and issue you a new one. You will not be responsible for any unauthorized charges made on your card.
Debit cards do not offer the same level of protection against fraud. If your debit card is lost or stolen, you should immediately report it to your bank. However, you may still be responsible for any unauthorized charges made on your card before you reported it missing.
When it comes to protecting yourself from fraud, credit cards are the better option. Keep your credit card information safe and secure, and immediately report any lost or stolen cards. With a little precaution, you can enjoy the many benefits of using credit cards without worry.
Helpful In Emergency Situations
In emergencies, a credit card can be a lifesaver. It can help you pay for unexpected expenses, like medical bills or car repairs. And, if you have a good credit history, you may be able to get a cash advance from your card issuer. This can give you the funds to tide you over until your next paycheck. Using a credit card in such situations gives you some relief and mental peace.
Of course, using a credit card in an emergency can also put you in debt. If you’re not careful, you could pay high-interest rates on your balance. And, if you cannot make your payments, you could damage your credit score. So, using your credit card wisely in an emergency is essential.
Here are a few tips to help you do that:
- Make sure you can afford the payments. Before using your credit card in an emergency, make sure you can afford the monthly payments. Otherwise, you could end up in debt that you can’t repay.
- Use a low-interest rate card. If you have a choice, use a credit card that has a low-interest rate. This will help you save money on interest charges.
- Pay off your balance quickly. If you use your credit card in an emergency, try to pay off your balance as soon as possible. This will help you avoid paying high-interest charges.
- Have a plan for repaying your debt. If you cannot pay off your balance immediately, make sure you have a plan to repay your debt. Otherwise, you could end up in financial trouble.
Drawbacks of Using Credit Cards
Credit cards can be a great way to build credit and earn rewards, but there are also some potential drawbacks to using them. Here are a few things you should be aware of before using a credit card:
Can Lead to Debt
One of the biggest dangers of credit cards is that it is effortless to get into debt if you are not careful with your spending. If you only make the minimum payment each month, you will pay a lot in interest, and it will take you a long time to pay off your debt.
Here are some ways that credit cards can lead to debt:
- Making impulse purchases: It can be easy to make impulse purchases with a credit card, especially if you do not have to pay interest immediately. This can lead to buying things you may not need or be able to afford, which can add up over time and lead to debt.
- Not paying off the balance each month: If you only make the minimum payment on your credit card each month, you will pay interest on the balance you carry over. This can add up quickly and lead to debt.
- Using your credit card for cash advances: Cash advances from your credit card come with high fees and interest rates. This can lead to debt if you cannot pay off the cash advance quickly.
- Missing payments: Missing payments on your credit card can lead to late fees and higher interest rates. This can make it difficult to get out of debt.
Impacts on Credit Score
A significant drawback of using credit cards is their impact on your credit score. If you’re not careful, you can quickly rack up a large debt that will take a long time to pay off. This can negatively impact your credit score, making it more challenging to get approved for loans or new lines of credit in the future.
One of the most significant factors determining how badly a credit card will impact your score is your credit utilization ratio. This is the amount of debt you have relative to your credit limit. Ideally, you need to keep your credit utilization ratio below 30%.
Of course, other factors come into play when determining how a credit card will impact your score. These include your payment history and the type of credit account you have.
If you’re concerned about how using a credit card will impact your score, the best thing you can do is to use it responsibly and make sure you consistently pay your bills on time. Doing so will help you keep your score high and avoid any potential damage to your credit.
Interest & Fees
Another downside of using credit cards is the potential for high-interest rates. If you carry a balance on your card monthly, you’ll be charged interest on that balance. The higher your interest rate, the more you’ll pay in the long run. This can make it difficult to get out of debt and can lead to financial stress.
Here’s a look at some of the things you need to watch out for:
- Interest rates: Credit card companies typically charge high-interest rates, so if you carry a balance, you could pay a lot in interest.
- Fees: Credit card companies also charge various fees, such as annual fees, late payment fees, and cash advance fees.
- Minimum payments: If you only make the minimum payment each month, it will take you a long time to pay off your debt, and you’ll end up paying a lot in interest and fees.
- Balance transfers: If you transfer a balance from one card to another, you may be charged a balance transfer fee.
- Cash advances: Cash advances typically come with high-interest rates and fees, so it’s best to avoid them if possible.
If you’re not careful, the interest and fees on your credit card can quickly add up and become a real burden. Read the fine print and understand all the fees and interest rates before using your credit card. And always try to pay off your balance in full each month to avoid paying interest and fees.
What is a Debit Card?
A debit card is a plastic card that gives the cardholder a set amount of funds against each purchase. You can use a debit card like a credit card, but the funds are immediately deducted from the account balance. Debit cards are issued by banks and can be used anywhere that credit cards are accepted. You can conveniently use your debit card for both online and offline debit card purchases.
However, there are several things to remember when using your debit card. For example, if you have a debit card with a $500 limit and make a $600 purchase, your bank will charge an overdraft fee. Additionally, some merchants may put a hold on your account for more than the purchase amount if you use a debit card, which can cause problems if you don’t have enough funds to cover the hold.
Most debit cards have a magnetic stripe on the back, which can be used to make payments at point-of-sale terminals. Some cards also have a chip that stores information and can be used to make contactless payments.
Debit cards are essential to a person’s financial life, as they provide a convenient way to access funds and make purchases. However, it is important to remember that debit cards do not replace cash or credit cards. Debit cards should be used responsibly and only for purchases the cardholder can afford to pay for with their funds.
Types of Debit Cards
Various types of debit cards are available, each with its features and benefits. Here’s a look at some of the most common types of debit cards:
Standard Debit Cards
A Standard Debit Card is a debit card that allows cardholders to access their bank account funds quickly and conveniently. This type of debit card typically has a Visa or MasterCard logo and can be used to make purchases anywhere that accepts these cards. Standard Debit Cards also allow cardholders to withdrawing cash from ATMs and can be used to make online purchases.
Standard debit cards are accepted at most major retailers and can also be used for online shopping. Some standard debit cards also offer rewards programs, which can give you cash back or points that can be redeemed for merchandise or travel. These cards typically have a lower interest rate than credit cards, so they can be a good option for people who carry a balance on their cards.
Electronic Benefits Transfer Cards [EBT]
An Electronic Benefits Transfer Card, or EBT card, is a plastic card used to access public assistance benefits in the United States. The card is similar to a debit card and can be used at participating retailers to purchase food and other necessities.
EBT cards are issued by state governments and are funded by the federal government. Each state has its process for issuing and distributing EBT cards. In most cases, recipients of public assistance benefits will be given an EBT card that can be used at participating retailers.
EBT cards can purchase various items, including food, clothing, and other necessities. Most EBT cards can also be used to withdraw cash from ATMs. Some states also offer additional benefits, such as utility discounts or access to public transportation.
Prepaid Debit Cards
Prepaid debit cards are a type of payment card that can be used to make purchases and withdrawals from ATMs. Unlike traditional credit and debit cards, prepaid cards are not linked to a bank account. Instead, they are loaded with a set amount of funds by the cardholder. Once the funds are depleted, the cardholder can reload the card with more money.
Prepaid debit cards can be a convenient and safe way to make purchases and withdrawals, especially for people who do not have a bank account or do not want to use their credit or debit cards. However, some fees are associated with prepaid debit cards, so it is essential to read the terms and conditions before using one.
Benefits of Using Debit Cards
Debit cards offer several advantages over other payment methods, such as credit cards or cash. Debit cards can help you manage your finances more effectively. Here are the significant benefits of using a debit card.
Avoid Debt
Debit cards are a great way to avoid debt. When you use a debit card, you are using your own money that you have already deposited into the account. This means that you will not be borrowing money from a lender and will not have to pay any interest on the borrowed funds.
Additionally, if you use a debit card responsibly and keep track of your spending, you can avoid overspending and get into debt. With a debit card, you can only spend your money in your account, so you will never find yourself in a situation where you cannot repay what you owe.
Fraud Protection
Using a debit card can help you avoid the hassle and expense of dealing with fraud. You can usually get your money back quickly and easily if your debit card is lost or stolen. Because when you use a debit card, your money is protected against fraud in several ways.
- First, your bank or credit union will likely offer fraud protection, which may reimburse you for any dispute unauthorized purchases or charges made to your account.
- Second, if your card is lost or stolen, you can report it to your card issuer, and they will block further use of the card.
- Finally, under the Fair Credit Billing Act, you are only liable for up to $50 of unauthorized charges to your credit or debit card.
No Annual Fee
Debit cards are a great way to keep track of your spending and avoid credit card debt. But did you know that they also come with another benefit? Debit cards typically don’t have an annual fee as credit cards do. So, using a debit card is wise to save money on fees.
There are a few exceptions to this rule, but for the most part, debit cards don’t come with an annual fee. This can save you significant money over time, mainly if you use your card frequently. If you’re not sure whether or not your debit card has an annual fee, be sure to check with your bank or credit card issuer.
Drawbacks of Using Debit Cards
Debit cards are a convenient way to access cash, but they have some drawbacks too. Following are some of the potential disadvantages of using a debit card.
No Rewards
One of the main drawbacks of using a debit card is that you won’t be able to earn rewards like you would with a credit card. You can often make points, cash back, or other perks for your spending with a credit card. But with a debit card, you won’t get any of those rewards.
There are a few reasons why debit cards do not offer rewards.
- One reason is that banks make money from interchange fees when customers use debit cards. Interchange fees are paid by the merchant to the bank and are typically around 2% of the transaction amount. If banks were to reward customers for using their debit cards, they would likely have to increase interchange fees, which would be passed on to merchants and customers.
- Another reason is that debit card transactions are typically much smaller in value than credit card transactions, making it more difficult to offer attractive rewards to customers.
- Finally, debit cards are often used for everyday purchases such as groceries, gas, and utilities, which may not be as lucrative for rewards programs as more discretionary purchases like travel and dining.
Won’t Build Credit
Another drawback of using a debit card is that it won’t help you build credit. Credit cards can be a great way to make your credit history and improve your credit score. But since debit cards are linked to your checking account, they don’t report to the credit bureaus. Only credit products like credit cards and loans can help build your credit history.
Fees
One of the potential drawbacks of using a debit card is fees. Some banks and credit unions charge fees for using a debit card, which can add up over time. Some banks charge annual or monthly fees just for having a debit card.
And if you use your debit card to get cash from an ATM, you may also be charged a fee. Additionally, some merchants may also charge a fee for using a debit card. Some hidden costs can be associated with using a debit card if you are unaware of these fees.
Moreover, if you use your debit card to make a purchase greater than your account’s balance, you may be charged an overdraft fee. Overdraft fees can be costly and can add up quickly. Additionally, if you have insufficient funds in your account to cover a transaction, your debit card may be declined. This can be embarrassing and inconvenient, especially if you are trying to purchase in a store or online.
In order to avoid fees and other potential problems with using a debit card, it is crucial to know the policies of your bank or credit union and the merchant you are purchasing from. Additionally, you should always keep track of your account balance to ensure that you have enough money to cover any potential transactions.
Credit Card vs. Debit Card
When managing your finances, there are a few key considerations to consider. One of the most important is choosing the right card type for your needs. Credit and debit cards have pros and cons, so it’s essential to understand the similarities and differences before deciding. Here’s a quick overview of the similarities and differences between credit cards and debit cards:
Similarities
Credit cards and debit cards have the following similarities:
- Both of these cards offer consumers a convenient way to pay for purchases. Both types of cards allow you to make purchases without carrying cash, and they can be used at a variety of merchants
- Credit and debit cards can be used to withdraw money from ATMs.
- Credit and debit cards have associated fees, such as annual, foreign transactions, and late payment fees.
Differences
However, there are also some significant differences to be aware of.
- Credit cards allow you to borrow money from a lending institution, while debit cards are linked directly to your bank account.
- Credit cards typically have higher credit limits than debit cards.
- Interest is charged on outstanding balances on credit cards which means you’ll accrue more debt if you carry a balance on your credit card, while no interest is charged on debit card balances.
Which is the Better Option?
If you’re unsure which card type is right for you, consider your spending habits and financial goals.
Debit cards are best for people who want to avoid debt. Since you’re spending your own money, there’s no risk of falling into debt. However, if you often overdraft your account, you’ll incur fees. Credit cards are best for people who want to build credit or earn rewards. Credit cards can help you make a strong credit history when used responsibly. You can also take advantage of rewards programs by using your card for everyday purchases.
Ultimately, the best type of card for you will depend on your circumstances and financial goals. Whichever type of card you choose, be sure to use it wisely and keep an eye on your spending to avoid getting into financial trouble.
Which is the Safer Option?
Regarding safety, it is crucial to consider the risks associated with each card type.
Credit cards offer more protection than debit cards when it comes to fraud. This is because you can report fraudulent purchases to your credit card company, which will help you dispute the charges. Debit cards are linked directly to your bank account, so your entire bank account could be at risk if your card is compromised.
Another factor to consider is whether or not you have insurance on your credit card. Many credit cards come with purchase protection or extended warranties on purchases made with the card. This means that if you make a purchase and it is damaged or stolen, you may be covered by your credit card company. Debit cards typically do not offer this type of protection.
Finally, it is essential to consider how you would handle a lost or stolen credit card versus a debit card. With a credit card, you can report the loss or theft to your credit card company, which will cancel the card and issue you a new one. With a debit card, you must contact your bank immediately to report the loss or theft. Your bank would then investigate the incident and determine whether or not your funds were compromised.
Both credit cards and debit cards have their own set of risks and benefits. When it comes to safety, credit cards offer more protection against fraud and theft. However, debit cards are easier to replace if lost or stolen. Ultimately, the best option for you depends on your circumstances.
Can You Use a Credit Card as Debit Card?
Yes, you can use a credit card as a debit card. It’s pretty easy to do. But there are some restrictions and fees that you should be aware of. Here is what you need to know if you want to use your credit card as a debit card:
- First, most credit cards will charge a fee for using the card as a debit card. This fee is typically around 3 to 4 % of the purchase price.
- Additionally, you may not be able to use your credit card as a debit card if your credit card company does not allow it.
- Finally, you should be aware that using a credit card as a debit card may impact your credit score. If you’re unsure whether or not you can use your credit card as a debit card, it’s best to check with your credit card issuer before attempting to make a purchase.
How To Use a Credit Card as Debit Card?
Following is the step-by-step guide on how to use your credit card as a debit card:
- Find out if your credit card issuer offers the ability to use your credit card as a debit card. Not all issuers provide this option, so you’ll need to check with your card issuer to see if this is an option for you.
- If your credit card issuer does offer the ability to use your credit card as a debit card, find out what type of debit card they offer. There are two types of debit cards: PIN-based and signature-based.
- If your credit card issuer offers a PIN-based debit card, you’ll need to get a PIN from them. This PIN will be used to make purchases with your credit card as a debit card.
- If your credit card issuer offers a signature-based debit card, you won’t need a PIN. You’ll just need to sign for your purchases when using your credit card as a debit card.
- Once you have all the information you need from your credit card issuer, you can start using your credit card as a debit card. To do this, just use your credit card like you would a debit card. When making a purchase, either enter your PIN or sign for the purchase.
That’s it! Using your credit card as a debit card is that simple.
FAQs
Is My Credit Card the Same PIN as my Debit?
Most people assume that their credit and debit cards have the same PIN, but this is not always the case. While some banks may use the same PIN for both cards, others may have different PINs for each card type. If you are unsure which PIN to use for your credit card, it is best to check with your bank or credit card issuer.
What Happens if You Run a Debit Card as Credit?
The transaction goes through Visa’s payment network if you run your debit card as credit. The bank may place a hold on the funds in your account. This can be helpful if you’re short on cash and need to make a purchase quickly, but it’s important to remember that the funds won’t be available immediately. You’ll likely see a temporary charge on your account, but the money won’t be transferred until your bank processes the transaction. This can take a few days, so keep track of your spending and have enough cash to cover any additional charges.
Can I Run my Debit Card as Credit at a Gas Station?
Yes, you can use your debit card as a credit at many gas stations. Simply select the “credit” option when prompted and enter your PIN to complete the transaction. Paying with credit may offer additional perks, such as rewards points or cash back, so be sure to check with your card issuer to see if you’ll earn any extra benefits. Running your debit card as credit also comes with a few risks, so keep an eye on your account balance and transactions to avoid unwanted fees or charges.
Do Debit Cards Affect Credit Score?
No, debit cards do not affect credit scores. A credit score is determined by credit history, which is not affected by debit card usage. Debit cards can be used to build a credit history, but they are not reported to the credit bureaus and therefore do not impact the credit score.
Conclusion
In short, you can definitely use your credit card like a debit card. However, if you’re looking for the convenience of having your funds immediately available when you make a purchase, using your credit card as a debit card may not be suitable for you. An honest piece of advice is to watch out for interest rates and fees if you don’t pay your balance in full each month. This will keep you away from any hassle and burden.
