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.

You can spend up to $500 on your credit card, and they bill you monthly with interest. If it's secured credit, your credit limit may go higher as your bank account grows. Whatever you've got in there, that's what your limit would be. With a check card (spelled that way in the US) they take the money directly out of your account instead of billing you. I think that's a better way to go.

a cheque card is a card that draws its funds from your checking account.A credit card is just what it says. You use the credit card to buy something then you pay the card company back in payments.

19% seems kinda high. I would be really careful if I was you. Alot of people go overboard and wind up paying only the minimum payment,meaning the majority of their payment goes to thye interest.