What is the Difference Between a "Revolving Charge Account" and a "Credit Card"?

[Anonymous]

Hey, Credit Warriors!

To add on to the question, how does having multiple revolving charge accounts look to an underwriter? 

[ChessChik47]

Charge accounts (like the AMEX Platinum, Gold, and Green) are accounts that must be paid in full every month, unless the company is offering you the opportunity to revolve a balance (like AMEX's Pay over Time offers).  Usually charge accounts come without a specific credit limit (but the company can normally limit the amount you can spend on a monthly basis.)

Credit Cards allow one to revolve a balance (and pay interest on the balance if not paid in full).  You have a set credit limit with a credit card.

Regarding how multiple charge account appear to an underwriter, I don't think they care.  

Hope this helps.

[Anonymous]

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@ChessChik47 wrote:

Charge accounts (like the AMEX Platinum, Gold, and Green) are accounts that must be paid in full every month, unless the company is offering you the opportunity to revolve a balance (like AMEX's Pay over Time offers).  Usually charge accounts come without a specific credit limit (but the company can normally limit the amount you can spend on a monthly basis.)

Credit Cards allow one to revolve a balance (and pay interest on the balance if not paid in full).  You have a set credit limit with a credit card.

Regarding how multiple charge account appear to an underwriter, I don't think they care.  

Hope this helps.

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Thanks for the clarification, m8!