About the Cards we offer
Charge and Credit CardsUsed wisely, credit and charge cards can make your life easier and offer many benefits and protection. Boost your card knowledge with a better understanding of the differences between credit and charge cards.
What is a credit card?
Credit cards offer a revolving line of credit, this means that you can carry a balance from month to month rather than having to pay the amount owing in full.
Each time you use a credit card, you are essentially taking out a loan. And card issuers require that at least the minimum amount due is paid by the due date every month.
If you choose to pay your balance in full and on time, interest charges will not be applicable. Interest charges usually accrue on balances that are not paid in full.
TIP: If you have an outstanding balance carried over from the previous month, by paying your monthly bill earlier than the due date, you can save money on interest charges.
What is a charge card?
Charge cards are different from credit cards in that they require you to pay the full amount you’ve charged each month. By doing so, they can help you control spending and stay on track with your monthly budget. Charge cards often come with rewards and other benefits. You can think of it as a debit card with benefits.
Tip for American Express Business Cardmembers: a simple way for your business to extend cash flow is by setting your American Express statement to be issued before your supplier bills are invoiced. By doing this you can take advantage of up to 51 credit free days on the American Express Business Card.