A credit card is a financial tool that allows you to borrow money from a lender, up to a certain limit, to make purchases or withdraw cash. Credit cards typically have an annual percentage rate (APR) which is the interest rate you are charged on unpaid balances.
A debt card is a type of credit card that is specifically designed to help you pay off debt. These cards often have a lower APR and offer features such as balance transfers and debt consolidation.
Both credit and debt cards can be useful financial tools, but it is important to use them responsibly. This includes only using credit cards for purchases you can afford to pay off in full each month, paying your credit card bills on time, and avoiding maxing out your credit card.
By using credit and debt cards wisely, you can build good credit, manage your finances more effectively, and avoid financial pitfalls.
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