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First Credit Card
If you have never had a credit card before and are in the market for one, here is a list of terms that will help you understand how credit cards work and how to avoid paying more than you should:
Purchase interest rate
This is the amount that a financial institution charges you when you make a purchase.
Cash advance interest rate
This is the amount of interest a financial institution will charge you for making cash withdrawals. There is usually a no interest-free period, so you will be charged interest from the moment that you withdraw the money.
These fees are automatically debited from your credit card account and are basically the administration fees for using the card. Look for a card that offers no or low annual fees.
Interest free period
This is the time frame where you do not pay any interest on purchases. The most common period is usually 55 days, so take advantage of this time and pay for your purchases before the interest-free period ends.
This is the total limit set on your card. For a first card it is better to opt for a low limit like $2000. The lower the limit the more control you have over your card.
The table below displays some of the top products that may be best for your first credit card.
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Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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