A credit card is a way to borrow money or get credit from a bank. A credit card is set with a limited amount of funds that you can borrow at any time. This limit is set when you apply for the card.
A credit card can be used to buy anything where that specific card is accepted. Credit cards are accepted almost everywhere across Australia, with purchases able to be made in person, online or over the phone.
As with all debts, you need to repay the funds borrowed on the credit card. Credit cards also have interest rates, which apply to amounts that you haven’t paid back to the lender. There is often a minimum monthly repayment and most cards come with an annual fee.