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.

A "check card" is linked to your "checking" account.

A "credit card" is a bank lending you money that you have to pay back with interest.......

Cut up the card.......That interested is way to high... Check with your local bank, I'm sure that they offer "credit cards"