When you take out a credit card from a bank you are agreeing to pay back any money you spend on the card to that bank under specific rules. Credit cards are a wonderful and dangerous thing. They are not a great idea for the impulsive or the frivolous, but if you use them right they can be very helpful. Here are some credit card basics everyone should know.
Disclaimer: I am not a financial adviser or planner. These are general credit concepts I have learned from experience and from reading my own credit card policy wording. Please read your own policy wording to confirm what applies to you.