Many credit cards work as follows: You charge goods or services and the merchant who accepts your credit card sends the transaction information to the card-issuing institution. The institution then bills you, usually on a monthly basis. In many cases, payment may be made by the due date with no interest assessed. If the total bill is not paid by the due date, you often can pay off your debt in monthly payments that include finance charges.
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Many credit cards work as follows: You charge goods or services and the merchant who accepts your credit card sends the transaction information to the card-issuing institution. The institution then bills you, usually on a monthly basis. In many cases, payment may be made by the due date with no interest assessed. If the total bill is not paid by the due date, you often can pay off your debt in monthly payments that include finance charges.