Monthly payments are required for charge cards. Like credit cards, charge cards don’t have a defined spending cap. Instead, approval for purchases is determined by credit history, financial resources, and spending and payment history. There is no interest rate or minimum payment requirement for charge card balances because they must be paid in full by the due date. Depending on the card agreement, late fees and other penalties may apply if the bill is not paid on time.
While many charge cards include sign-up incentives, travel benefits, and other rewards, certain features are exclusive to credit cards. You will only notice promotional 0% APR offers when browsing credit cards since, unlike charge accounts, credit card accounts have a credit limit and allow customers to carry debt at an agreed-upon interest rate.
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