Credit card—You can use a credit card to buy things and pay for them over time. But remember, buying with credit is a loan—you have to pay the money back. What's more, if the credit card company sends you a check, it's not a gift. It's a loan you have to pay back. In addition to the cost of what you bought, you will owe a percentage of what you spent (interest) and sometimes an annual fee.

Charge card—If you use a charge card, you must pay your balance in full when you get your regular statement.

Debit card—This card allows you to access the money in your checking or savings account electronically to make purchases.