Credit Card Education

Types of credit cards

People today are faced with many choices when it comes to using credit.

The following types of credit are most commonly used:

Charge Cards
With charge cards, you pay your bill in full each month rather than carry a balance.

Credit Cards
Unlike charge cards, credit cards allow you to carry a balance from month to month. However, you are required to make at least a minimum payment each month. Interest is charged on the outstanding balance. Major credit cards carrying the Visa® and MasterCard™ brands are honoured by merchants around the world.

Debit Cards
With debit cards, the full amount of the purchase is immediately deducted from your current/savings account at the time of use.