Review:
Charge Cards
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
Charge cards are a type of payment card that requires the cardholder to pay off the balance in full each month, unlike credit cards that allow for revolving debt.
Key Features
- Must pay off full balance monthly
- No interest charges
- High credit limits
- Often come with rewards programs
Pros
- Encourages responsible spending habits
- No interest charges if balance is paid in full each month
- Rewards programs can offer valuable benefits
Cons
- Limited acceptance compared to credit cards
- Annual fees may be higher than credit cards
- Late payments can result in high fees