Hey,
There are many electronic payment cards available. Credit card, charge card, gift card to debit card, there are so many options to choose from. I will share with you what is a charge card. Once you know the meaning, you'll be able to decide which card suits you best. Keep reading the paragraphs given below.
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Charge card meaning :
It is an electronic payment card given to customers. These cards don't charge any interest. The cards usually don't have a spending limit. With each purchase, the issuer provides generous reward benefits to the cardholder.
This means the user is required to pay the statement balance in full each month. If the balance is not paid then the cardholder has to pay stiff fees and penalties on the unpaid balance. Unpaid balance impacts the credit score of the cardholder as well. With a low CIBIL score it is difficult to get loans and credit cards.
These cards are highly advantageous because there is no interest charged. Rewards and benefits are given to the cardholder upon use. These cards come at a high annual fee. Few of the most popular charge cards in India are American Express’ Green, Gold, and Platinum cards.
If you are interested in getting a charge card. You will need to fill a credit application given by the bank. This is all from my end on what is a charge card.
Read more :
What is an aggregator in banking? What is prepaid payment instruments? What is VPA in online payment?
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Authors Of The Question
What is a charge card ?
Deena
78Views
2 Year
2022-08-24T17:27:08+00:00 2022-08-26T19:07:15+00:00Comment
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