Credit Cards Vs. Charge Cards – Credit Tip #9

Posted by Nikitas Tsoukalis on December 27, 2014

Credit Cards Vs. Charge Cards – Credit Tip #9

Credit cards give you the ability to place a large charge on credit, which allows you to pay it off over a period of time, giving you the ability to make minimum payments; not without charging you interest though, usually around 10-15%. On the other end of the card spectrum are charge cards. A charge card works differently than credit cards. When you make a purchase on a charge card, such as Gold and Platinum American Express, you have to pay off the entire balance on a monthly basis. Charge cards protect you from overcharging your credit line, which is a smarter financial move in regards to your credit score. For additional information feel free to contact our office at 617-265-7900 or schedule a free consultation below.