Credit cards are payment cards associated with high interest rates. However, people who pay their credit card balance in full each month don’t pay interest charges, so credit cards can be beneficial to them. In fact, credit cards have the advantage of not having transaction fees, and some of them offer rewards. There is a wide variety of cards, so it is therefore important to compare credit cards in order to choose the one that best suits your needs.
Related Terms
A saving account is a bank account into which you deposit money that you don’t necessarily need to use right now. Generally, interest on this type of account is higher than what you’d get with a chequing account. Read more
Obviously, you know what an interest rate is. If you borrow $1000 from your fiend for one year and they agree to charge you an interest rate of 10% (the crook!), it means that at the end of the year, you will repay them $1100. Until now it’s easy, right? Read more
Mortgages are loans used to purchase a property such as a house, a condo or a cottage. Mortgage interest rates are lower than those found on other debt products such as credit cards because they are less risky for lenders. Read more
About The Author: Edouard
Edouard est analyste financier chez Hardbacon. Il est responsable de la conception de listes de titres que nos utilisateurs peuvent trouver dans la section "explorer" de l'application.
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