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$33,000 Personal Funding/ Credit Cards vs Charge Card/What's better for you Q&A #gizzycredit

1,579 views · Published 15 November 2018 · 13:46 · Indexed 29 September 2026

Channel: #GizzyCredit · 2018 · Education

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Maria Asked:
What is a charge card? Is it worth having one? My son is asking me this. He actually wants to know how does his card utilization show up and how would it affect his score if he closes it?
He has the golden America express charge card

ok, a charge card is a card that provides a payment method enabling the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the due date, usually on a monthly basis, or be subject to late fees and restrictions on further card use.
Though the terms charge card and credit card are sometimes used interchangeably, they are distinct protocols of financial transactions. Credit cards are revolving credit instruments that do not need to be paid in full every month. There is no late fee payable so long as the minimum payment is made at specified intervals (usually every thirty days). The balance of the account accrues interest, which may be backdated to the date of initial purchase. Charge cards are typically issued without spending limits, but credit cards usually have a specified credit limit that the cardholder may not exceed.

So, we dont recommend them unless you will be a person who will be paying off your debts ASAP by the end of the month. Many of our customers need an extra 2 or 3 months to pay off debt but if your son i wanting to be debt free and just use the card for emergencies, then I say get it but dont expect your credit scores to go up...these charge cards will always show as being maxed out because there's no limit, the limit is what you give it...in a credit card, there's a limit and your credit scores are determined by (if you're not maxed out or not) ...so basically, if you are maxed out, your credit scores can be at or around 690 to 710 credit scores, if you're not maxed out, you can be at or higher than 730+ credit scores.

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$33,000 Personal Funding/ Credit Cards vs Charge Card/What's better for you Q&A #gizzycredit

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