Fees difference between charge and credit card 'not much'

The fees that are enforced on charge and credit cards do not differ much, one writer has said.

There is not a great deal of difference in terms of fees between a charge or credit card.

This is the opinion of Lesley Parker, writing for the Sydney Morning Herald, who noted people who like to get their balance paid off in full every month might be better off with a charge card.

With these products it is a requirement to wipe the balance off at the end of the month, compared to credit cards where individuals only need to pay a minimum.

And Ms Parker noted the former could be the middle ground between Aussie credit and debit cards.

She added: "The main difference between credit and charge cards is that you can't roll over or "revolve" your debt - paying just a percentage and carrying the rest over into the next month."

Recent research carried out by the Reserve Bank of Australia revealed the value of credit card purchases has risen by 12.2 per cent over the year to March, the Australian Associated Press reported.

By Mark Hornby