Amex Charge Card

A charge card is a payment card with a preset limit that can be used to make payments for goods and services at participating merchants either locally orinternationally. The usage of the charge card is similar to other payment cards such as credit and debit cards. In Malaysia, charge cards are issued based on conventional or Islamic principles.
While both charge cards and credit cards allow you to conduct cashless transactions, there are differences between these two types of payment cards. The main difference
between charge cards and credit cards is on the required amount that is payable by the payment due date. Late payment charge (conventional) or compensation fee (Islamic) will be imposed if you failed to settle the outstanding balance in full by the payment due date.

Charge card is a payment card with a preset limit that can be used to make payments for goods and services at participating merchants either locally orinternationally. The usage of the charge card is similar to other payment cards such as credit and debit cards. In Malaysia, charge cards are issued based on conventional or Islamic principles.

While both charge cards and credit cards allow you to conduct cashless transactions, there are differences between these two types of payment cards. The main difference between charge cards and credit cards is on the required amount that is payable by the payment due date. Late payment charge (conventional) or compensation fee (Islamic) will be imposed if you failed to settle the outstanding balance in full by the payment due date.

Summary of the comparison between Credit Card and Charge Card:

Feature Credit Card Charge Card
Credit Limit Maximum limit provided to cardholder Usually, the spending limit set by the card issuer is not made known to the cardholder, unless requested by the cardholder. However, a transaction value that exceeds the limit may be allowed, depending on certain internal conditions set by the card issuer
Minimum Payment Minimum payment of 5% on monthly outstanding balance Outstanding balance must be settled in full by due date
Joining Fee One time payment. Fee varies between card issuers or waived One time payment. Fee varies between card issuers or waived
Finance Charges Maximum 17.5% per annum on outstanding balance Not applicable as outstanding balance must be settled
Annual Fee Normally between RM60 to RM90 for a classic card. Normally between RM80 to RM160 for a classic card
Late Payment Charge Maximum 1% per month on outstanding balance or RM10, whichever is higher Normally 3.0% to 3.5% per month (or 36% to 42% per annum) on outstanding balance or a fixed minimum amount, whichever is higher. Normally, Islamic charge cards have a fixed maximum amount of RM70 per month
Cash Advance Fee Normally 3% to 5% of total cash advance, in addition to finance charges Normally 3% to 4% depending on the card issuer. Some card issuers do not provide cash advance facility. For Islamic charge cards, a fixed fee is normally charged

You maybe interest to read more on:

List Of Charge Cards Issuers In Malaysia

List of Credit Cards In Malaysia