Will You Move to a Charge Card?
| January 25, 2010 |
As millions of people look to change the way they use their credit cards, traditional plastic is something that many are now starting to move away from. While in the past carrying a balance each month was something many cardholders were willing to do, rising interest rates have caused many to reconsider. Instead many are looking at charge cards as they offer many of the same great benefits of traditional cards, only without the high interest rates seen on many other pieces of plastic.
In recent months we have seen two major moves from issuers hoping to benefit from the potential growth of charge cards. Late last year both American Express and Chase introduced cards that specifically focused on niche markets. American Express created the Zync, which is geared to young adults while Chase created "Ink" which is a business line of cards. While we have not heard much buzz from other issuers it would not be surprising to see someone else enter the market as it starts to grow.
While charge cards may not be for everyone, many people have turned to these instead of traditional cards. For more information of the difference of charge cards and credit cards check out an article on Bankrate.com entitled, "Is a Charge Card Same as a Credit Card?". Not only will you find great information on if these cards are right for you, but also some details on some effects they have your credit score.
So are you thinking about getting a charge card? I would love to hear your opinion on charge cards and if you think it is right for you.
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