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How credit cards work When you apply for a credit card, you choose the kind of credit you want: Card ownership Credit limits Fees and payments Account balance vs. minimum payment Finance charges Grace period Cash advances Credit cards are the form of credit most people will apply for and use during their lifetime. It's also the form of credit that people often have the most trouble managing. Information is the key to managing your credit cards well. If you're like most people, you probably haven't read the "fine print" on your credit cards. Once you understand how they work, you'll be ready to take control.