Independent Credit Solutions

What Is the Difference Between a Charge Card and a Credit Card? A Credit Card is bad. A Charge Ca…

What Is the Difference Between a Charge Card and a Credit Card?

A Credit Card is bad.
A Charge Card is good.

Well, it's more grey.

A #chargecard is like the "dog house" version of a credit card…you have to pay off the balance every month. You cannot carry a balance. Repeat for our credit heavy nation…you hold the cash – or debit and you pay the whole balance every month.

You can use a credit card like a charge card but you CAN carry a balance – and the amount you can carry is your line or credit…if you used a credit card LIKE a charge card then you can increase your line of credit…but if you pay it off every month you don't need more credit.

You might need a l o n g line of #credit for things like home loans, personal loans and car loans, though.

The Fable of Charge Dog and Credit Dog

Most people are sheep — and can make mistakes by following a poor idea.

Leave a Reply

Shares