This is the most classic and well-known charge card in the world. I remembered last time whenever I shopped for wallets, I could always see the imitation of this AMEX charge card inside the wallet. Charge card is quite similar to credit card with some differences in payment.
Charge Card
- No preset credit limit.
- Must settle full amount of statement before due date.
- Late payment charge, minimum RM50 or 3.5% of unpaid balance, whichever is greater.
Credit Card
- Credit limit is preset, cannot spend beyond the limit.
- Only need to settle minimum RM50 or 5% of statement balance, whichever is higher.
- Late payment charge, minimum RM10 or 1% of outstanding balance, whichever is higher.
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