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They do a particularly weird instrument called a "charge card." It's not a debit card because it's not pulling straight from a checking account, but there's no
by superuser2 12y ago
They do a particularly weird instrument called a "charge card." It's not a debit card because it's not pulling straight from a checking account, but there's no long-term line of credit either. It's like a credit card that you're actually required to pay in full every month. So no different from responsible credit card use, but still not credit.
- toomuchtodo 12y agoThe benefit of the charge card (Disclaimer: I have an Amex charge card) is that you can have an extremely large line of credit for those 21-30 days. It's less for balancing your finances and more for spend management (they have great tools to see where all of the money is going, very nice management for multiple family/corp cards, etc). I'd still trade the charge card for their Costco version.
- tetrep 12y agoit's credit if you don't pay it immediately. the lending institution is extending you a line of credit for one month.
- superuser2 12y agoTrue, but AFAK with Amex there is no "lending institution." You get the card from American Express itself and it does not involve a relationship with a bank.
- meepmorp 12y ago> They do a particularly weird instrument called a "charge card." It should be noted that they also offer regular credit cards, in addition to the charge card, and these do not require payment in full at the end of the bill cycle.
- mpclark 12y agoAnd prepaid cards too, iirc, through Walmart. Edit: ignore me, I see somebody else has already mentioned this further down...