I just got my first credit card, and I'm not sure if I understand how it works.
Here is my understanding. If it is relevant, I am an American.
I buy something with my credit card. Then, after I have purchased some items, e.g., a football, gas, snacks, and a sim card for my computer, which amounts to, say $80, I then owe the credit card company that much money back plus interest.
So, at the end of the month, I will receive a bill(?) showing how much money I own (so, $80 plus the interest rate(?)), and I then pay that much money, and that is good. Correct?
Am I missing something?