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Types of Credit Card Accounts

Credit grantors generally issue three types of accounts. The basic terms of these account agreements are:



Revolving Agreement
(Typical Credit Card Account)


You may pay in full each month or choose to make a partial payment based on the outstanding balance. If you make a partial payment, you will be charged interest (a "finance charge") on the portion of the balance you do not pay. Department stores, gas and oil companies, and banks typically issue credit cards based on a revolving credit plan.


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Related Links:
Introduction to Credit Cards
How to Establish Credit
Types of Credit Card Accounts
Compare Credit Cards
Precautions for Credit Card Offers
When You Receive Your Credit Card
Your Credit Card Rights & Protections
Where to Go for Help
What is a Credit Report (And How Do I Get Mine)?
How to Dispute Credit Report Errors
Identity Theft Protection / Identity Theft Prevention
(What to Do if Your Identity is Stolen)

Charge Agreement

You promise to pay the full balance each month, so you do not have to pay interest charges. Charge cards and charge accounts with local businesses often require repayment on this basis.


Installment Agreement


You sign a contract to repay a fixed amount of credit in equal payments over a specific period of time. Automobiles, furniture, and major appliances often are financed this way. Personal loans usually are paid back in installments, too.

 


 
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