Charge Card

This is your not-so-flexible friend! A Charge Card may look like a credit card, feel like a credit card and you can spend money with it like a credit card. But, unlike a credit card, the day of reckoning comes each month. Charge card accounts insist that you must settle the debt in full each month. Most charge card operators will operate penalty interest charges which are significantly higher than credit card interest rates for failure to pay.

See also: Financial Services