Many Americans use credit cards every day. Given this, it's astonishing so many credit card myths exist.

Paying your entire credit card statement in full every month is a sound financial strategy. However, if you want to appear debt-free to lenders, you’ll have to alter the timing of your payments.

Store-branded credit cards are different from Chase Bank credit cards. Many people believe these cards are "private issue" or don't appear in credit reports because they can only be used in-store.

If you go about canceling your unused credit cards, you might end up paying a price when it comes to your credit score, in two ways.

A very common misconception about credit cards is that you must carry a balance to improve your credit score.

Most credit cards are similar in terms of how they operate. You’re extended a credit line, and every month that you make charges you’re expected to pay back at least a minimum amount.

The battle for consumer credit card spending has gotten very competitive, and many card issuers now offer lucrative sign-up bonuses and ongoing perks to attract customers.

Making late payments on your credit cards is one of the most damaging things you can do to your credit score, short of filing for bankruptcy.