Credit card Information

Charge cards

These cards provide an 'account' against which withdrawals can be made to make purchases. The outstanding balance must be paid in full each month or heavy penalties are incurred.

They are a form of credit/debit card hybrid which can be used in the same way as a regular credit card. An annual fee is normally charged which can cost over £100.

American Express and Diners Club are the best known charge cards. In fact, other than these two companies, charge cards are only offered by banks to their existing customers.

Charge cards usually offer additional incentives such as insurance, air miles and/or reward points.

To some they provide a status symbol, especially the American Express Centurion Black Card. This charge card is offered by invitation to the very, very wealthy. It offers unlimited free credit and lowest rates although the outstanding balance must be paid in full each month.