Hey,
Each card you take from a bank has its spending limit and repayment clause. The terms and conditions of charge card vs credit card are set by the bank itself. To get either of them, you will have to fill out an application. The bank will verify your details and then permit a card in your name.
Use your credit card to make utility bill payments via NoBroker and earn exciting rewards and cashback.Want a home loan at the lowest interest rate? NoBroker is the best choice for you then. What is a charge card vs credit card? Credit Cards :
It is a card wherein the bank assigns a credit limit or the total amount you can spend as a loan. The issuer gives a credit card after checking the CIBIL score. The credit given to the cardholder is a loan (monthly) that needs to be repaid, if not the full amount then the minimum portion of the balance.
Charge cards:This type of card doesn’t have a preset spending limit. The card is provided based on your payment history, credit, income, debts and other risk factors determined by the bank. The total balance is supposed to be paid in full each month.
Here is a table showing the difference between charge card and credit card.| Charge card | Credit card | |
Has a preset spending limit |
No |
Yes |
Requires you to pay the bill in full each month |
Generally yes |
No (but you must make at least the minimum payment and watch out for APR) |
Has late payment fees |
Generally yes |
Generally yes |
Has an annual fee |
Depends on the card, but generally yes |
Depends on the card, but generally yes |
Has a wide selection of card issuers |
No |
Yes |
Holds you responsible for unauthorised transactions |
Generally no |
Generally no |
This is all from my end on charge card vs credit card.
Read more :
What is charge card?
What is add on credit card?
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What is a charge card vs credit card ?
Tiya
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2 Year
2022-08-25T18:57:39+00:00 2022-08-25T18:57:40+00:00Comment
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