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The first credit card was introduced in 1950 by Diners Club, offering convenience for restaurant bills.
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Credit cards enable users to borrow funds up to a set credit limit, repaying either in full or with interest.
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Responsible card use can boost credit scores, while missed payments can lower them.
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Credit cards come with Annual Percentage Rates (APR) that determine the cost of borrowing if not paid in full.
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Cardholders must make at least the minimum payment each month to avoid penalties and late fees.
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The ratio of credit used to the total limit affects credit scores; lower utilization is generally better.
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Many cards offer rewards like cashback, travel points, and discounts on specific purchases.
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Credit cards may have annual fees, late payment fees, cash advance fees, and foreign transaction fees.
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Users can move balances from one card to another, often at a lower interest rate.
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Cards employ EMV chips, PINs, and fraud detection systems to protect against unauthorized use.
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