Many
people use the terms credit card and charge card 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. Usually, you have to pay at least a certain amount of your
balance each time you receive a bill.
A
charge card is a 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, a charge
card doesn’t have a periodic or annual percentage rate, so there is no rate for
a charge card issuer to disclose.
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