Charge Card

A Charge Card is a type of payment card where full repayment is automatically required every month and where there is no facility to use the card to take extended credit.

Diners Card and American Express are examples of Charge Cards.

A Charge Card is different to a credit card in that there is no minimum payment, other than the full amount, which must be paid every month – credit cards are ‘revolving credit as you may pay a minimum amount of the balance and carry the rest over until the next month.

A Charge Card is therefore more similar to a short (one month loan) and is particularly useful for large companies to issue to staff for the payment of expenses. There is no interest on spend on a Charge Card, (unless the amount is not repaid within the monthly period), but most Charge Cards charge an annual fee for usage.

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