A charge card is similar to a credit card, except that the charges made to it must be paid-off each month, rather than having revolving credit which carries a balance forward. Many people are not aware of this distinction however, and often interchangeably use "charge card" to describe any card which can be used as payment, or "credit card" for any credit or charge card. Credit cards A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. ... Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit. ... In banking and accountancy, the outstanding balance is the amount of money owned, (or due), that remains in a deposit account (or a loan account) at a given date, after all past remittances, payments and withdrawal have been accounted for. ...
Governments and large businesses often use charge cards to pay and keep track of expenses. Some high-end retailers like Neiman Marcus issue charge cards to customers. Most American Express and Diners Club cards are also charge cards, rather than credit or debit cards like VISA and MasterCard. This article does not cite its references or sources. ... A drawing of a self-service store Retailing consists of the sale of goods/merchandise for personal or household consumption either from a fixed location such as a department store or kiosk, or away from a fixed location and related subordinated services (Definition of the WTO (last page). ... Categories: Stub | Retail companies of the United States ... American Express NYSE: AXP is a diversified global financial services company headquartered in the United States. ... Diners Club International, originally founded as Diners Club, was formed in 1950 by Frank X. McNamara, Ralph Schneider and Alfred Bloomingdale. ... A debit card is an ISO 7810 card which physically resembles a credit card, and, like a credit card, is used as an alternative to cash when making purchases. ... Visa is a brand of credit card and debit card operated by the Visa International Service Association of San Francisco, California, USA, an economic joint venture of 21,000 financial institutions that issue and market Visa products. ... MasterCard Incorporated is a membership organization owned by the 25,000 financial institutions that issue its card. ...
In 1914 Western Union offered the first charge card for consumers. Western Union is an American financial services and communications company. ...
A chargecard is similar to a credit card, except that the charges made to it must be paid-off each month, rather than having revolving credit which carries a balance forward.
Many people are not aware of this distinction however, and often interchangeably use "chargecard" to describe any card which can be used as payment, or "credit card" for any credit or chargecard.
Most American Express and Diners Club cards are also chargecards, rather than credit or debit cards like VISA and MasterCard.
The cardholder of a secured credit card is still expected to make regular payments, as he or she would with a regular credit card, but should he or she default on a payment, the card issuer has the option of recovering the cost of the purchases paid to the merchants out of the deposit.
The card is not cancelled, the balance is not set off the deposit, and interest continues to accumulate on the unpaid balance for considerable periods of time.
The major credit card companies have been accused of targeting a younger audience, in particular college students, many of whom are already in debt with college tuition fees and college loans, and who typically are less experienced at managing their own finances.
Feeds |
Contact