The American Express card was one of the first credit cards to be produced, and it came out in 1958. Another early credit card, that was invented in 1946, was actually the very first credit card, and was invented by John Biggins. John Biggins worked for the Flatbush National Bank of Brooklyn. Back then the credit card program was actually called "Charge It." He invented it for bank customers and merchants. Credit cards are actually like a easily transportable way of doing a loan. If you use a credit card, you are required to pay back the certain amount later in the future. Sometimes credit cards are confused with debit cards, which actually take the money right out of your bank account. Usually, your credit card is tied to your credit account, and makes it so that you don't go over the amount you have to be willing to pay back in the future.
Also, instead of getting a loan and then spending the money, credit cards make it so that you only borrow the exact amount you are paying, right as you are paying it. Also, if used responsibly, credit cards can help you build a good credit history, allowing you to get loans at cheaper interest rates in the future. Paying off a credit card also isn't like paying off a loan, because when you pay off the loan, if you want another one, you have to apply for another loan. But when using a credit card, you just have to set goals in order to stay out of debt. A credit score is basically like a resume, of past history of not paying, or paying off the money you borrowed with your credit card. It can let the people you are buying from, know the chances of you giving back the money you are borrowing. A good way to use your credit card, is to make sure that you don't use it to buy items that are very expensive. Otherwise you might not be able to pay back the money in time, and you don't want to go into debt, because you can't pay back the money. So, that is how a credit card works, and a good way to use them.
Good Job! I liked how you had good length, one thing you could do is maybe make your sentences shorter instead of putting commas. Great Job!
ReplyDeleteGood Job. You explained very well how credit cards work. Before reading this I had no idea how they were used and this helped me understand more about them. One thing I would do is not add that many compound sentences. Have more complex and simple sentences but this is really good.
ReplyDeleteGood job! I think you did a great job with your compound sentences, but maybe you could use less of them.
ReplyDeleteGreat summary of credit cards. I was always taught to use credit cards to build credit, but don't rely on them to get by or you'll never stay on top of it! Good work explaining the system. Good grammar advice above:)
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