A charge card is a method that many individuals can use for payment instead of cash. Here are the basics of the charge card.

Charge Card

A charge card is much like a credit card in that you can use it in a number of different establishments. As long as a company takes credit cards, it will also be able to accept charge cards. You can purchase goods with a charge card up to your predetermined spending limit.

With a charge card, you are required to pay off the entire balance of your card every single month. If you do not pay off the balance at the end of the month, you will have to pay large late fees or penalties.

Difference from Credit Cards

Although many people refer to charge cards and credit cards as if they were the same thing, they are actually very different items. With a credit card, you can purchase items up to your credit limit, and then you do not have to pay off the entire balance every month. Instead, you can choose to accrue interest on your account. With the charge card, there is no provision for leaving balances on the card for extended periods.

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