Charge Credit Cards

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Many people use the terms credit cards and charge credit cards interchangeably, but there are important differences. In general, a credit card lets you make purchases for which you are billed later. Most credit card accounts allow you to carry a balance from one billing cycle to the next. However, you have to pay interest on that balance. And, usually you have to pay at least a certain amount of your balance each time you receive a bill.

Charge credit cards are specific kind of credit card. The balance on a charge card account is payable in full when the statement is received and cannot be rolled over from one billing to the next. Because you cannot carry a balance, charge credit cards don't have a periodic or annual percentage rate, so there is no rate for a charge card issuer to disclose.

Using charge credit cards to pay for purchases has become a fact of life for consumers today. Applications and solicitations for charge credit cards are readily available. You may find them in "take-one" racks in stores and restaurants, magazines or catalogs, or in your mail at home, even if you haven't asked for an application. And, many people have at least one credit card, if not more.