charge cards

Often the term charge cards and credit cards are used synonymously but that is technically inaccurate. Credit cards allow you to make purchases where you are only required to pay a minimum amount back each month. The remainder of the charge would be subject to interest.

A charge card is similar to where you make purchases and pay back the money monthly. However, the major difference is that the user is required to pay the entire amount back. There is no interest with a charge card and a lot of times allows the user to charge a very high amount each month.

The way the charge cards companies make money is they charge the user a set fee for the use of their service. It's nice because the user wouldn't need to carry around any cash, however, if he or she is unable to pay the bill at the end of the month there are hefty penalty fees that will need to be paid.

You'll find bloggers talking about charge cards at sites like Credit Card Reviews and CreditCards.com Blog.

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Original Technorati articles tagged “charge cards”

• in Finance
  Avoid A No-Preset-Spending-Limit Credit Card Nightmare
  Even exemplary credit card users can run into trouble when using No Preset Spending Limit cards.
  by cardhub / on Dec 29, 2010

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