Tipping Point: What is the difference between a credit card, a charge card? – Money Perception

Loknath Das June 22, 2017 Credit Cards

In a charge credit card, you have to pay the entire bill every billing cycle. In a credit card, you can pay only the minimum amount due, which is usually five per cent and pay interest on the rest. Also, credit cards come with a credit limit, whereas charge cards don’t have a pre-set limit. The charge card issuer keeps a limit based on spending pattern, financials and credit record.     What happens if you don’t settle the entire bill in charge cards every month?   Charge cards are meant for those who settle their entire dues every month. Those who …

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