What is the difference between an open ended credit&a charge card?
If you classify credit cards by their repayment type, there are two types of credit cards. Charge cards require you to pay your balance full each month while open-ended credit cards lets you make monthly payments on your balance.Time FrameCredit cards and charge cards have a grace period during which you can pay your account in full and avoid interest charges. This time period is longer for charge cards than for credit cards.CostCharge cards do not charge interest because you’re not allowed to carry a credit card balance. On the other hand, open-ended credit cards whenever you carry a balance from one month to the next.Credit LimitCharge cards usually do not have a credit limit, which is the maximum amount you can spend without penalty. Open-ended credit cards have a credit limit and charge a fee when you exceed that limit.Credit RequirementCharge cards usually require you to have an excellent credit rating. There are some open-ended credit cards that will approve applicants even with
