Most stores in developed countries now accept credit cards as a common form of payment for goods and services. In Canada, credit cards are one of the most common forms of payment for consumer goods and services.
Usage and Repayment - Credit card borrowing limits are established by the issuer, according to each individual’s credit rating. Credit cards charge interest and are intended to be used for short-term financing, although Canadian consumers have shown a propensity to carry credit card debt for long periods of time. Interest rates are usually applied to a credit card account one month after a purchase is made and typically have higher interest rates than consumer loans or lines of credit.
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