Charge Cards

07 March 2011 - Which Way To Pay

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Charge Cards

A charge card is an alternative to the credit card because essentially, the credit you borrow/use should be paid back IN FULL at the end of each month. There is no option for lenience or extension on this term because this is precisely what makes the charge card different from a standard credit card.

There are both good and bad points about the charge card. To start with the positives, with this kind of card, you know exactly what you are to pay back (because it is simply what you have spent) and you do not need to get in to trouble putting off paying back your credit, or coming under fire from high interest rates.

On the downside, if you are (for whatever reason) unable to pay off your balance in full each month, you will seriously damage your credit rating as the creditor will be none too pleased. It is really important that you work out exactly how you will be able to pay off your balance before  you spend on your charge card.

Although there are no interest charges for a charge card, there are however card fees which will vary between each card but which come in around $170-$200 a year. This fee enables the access to extra credit.

Have a good day,

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