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Worse, late payment may cause you to forfeit some or all of the rewards you've accumulated. By the time your account is 180 days late, i.e. you've missed six payments, the card issuer will typically charge-off the account, writing it off as a loss. The charge-off goes on your credit report and stays for seven years.
It is the same as other credit Cards in that it allows you to spend money and pay the balance back over time. You will receive a monthly statement that details all the transactions (spending, payments, fees, interest etc) on your account for that month. You then have 25 days in which to make a payment.