I'm 18, PLEASE HELP What's the difference between a cheque card and a Credit card?

I opened a bank account and they asked me if I wanted to credit card said "sure" but now I regret it...

It said I have a "$500.00 credit limit"

and

Interest and Grace period:

Interest is calculated at an annual rate of 19.75%, the equivalent daily interest rate is 0.054110% but then it says
"You lose your interest free status if we do not receive full payment by payment due date. "

what? What does this all mean? Is it a good deal or am I being ripped of?

thanks in advance.

Are you being cheated? YES. Get rid of the credit card now. Call the company, cancel the account, destroy the card.

A cheque card deducts money from your checking account. You have to have money in the account to use it. You use it instead of writing checks. You will have to ask your bank whether or not they charge fees for using the card.

A credit card lets you borrow money. You are charged interest on the money you borrow. The interest rate can go up at any time. The card you have charges 19.75% interest. That means if you make a $100 purchase, they will expect you to pay $119.75 if you use the card. They can raise the interest rate at any time so $119.75 is only a ball park figure. They may chage your rate to 25% and then expect you to pay $125 for a $100 purchase.

Bottom line: CREDIT CARDS ARE BAD NEWS!