Charge Card

A type of card where full repayment is automatically required every month. Diners Card and American Express are issuers 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, however, most charge an annual fee for usage.

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