Try Out A Charge Card

27 July 2012 12:30 - Phoebe Robinson

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Try Out A Charge Card

A charge card is an alternative to a credit card if you want to try and avoid the massive debts that come with a credit card.

When you get a credit card, you are given a total dollar limit that you can spend on it, and you also get given an interest rate that will be charged to your balance. You will also be required to pay a minimum monthly payment on the balance. If that is all you make and you reach your limit of $5,000 that balance can really get big and out of hand and you can end up owing a lot more than you actually paid for. However with a charge card none of this happens. A great advantage of these charge cards is that you have to pay off your entire balance at the end of you billing time. There are no minimum payments to make, the only thing you have to worry about is paying the whole amount and that is it. Then once you have paid this off your balance is cleared. And due to the fact that your whole balance is paid off, your charge card does not charge you interest which can also save you money.

However as always it cannot be all good news. The drawback is if you have $2,000 on your charge card that you have to pay off and the deadline is looming and you donít have the cash, you are going to have a problem. If you had a credit card, a minimum payment would be a lot more manageable.

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