A 'Charge Card' carries no pre-set spending limit and the statement balance must be paid in full at the end of the billing cycle (usually every month). The most recognised charge cards on the market today are American Express and Diners Club.
A 'Debit Card' is like an ATM card that you have with your savings account. With this type of card, you must have funds in the card account before you can make a withdrawal.
In contrast, a 'Credit Card' carries a pre-set credit limit and only a minimum payment is required to be paid each month (interest is applied to balances not cleared in full).
No comments:
Post a Comment