Quick question about credit cards

Exactly. You can use any revolving credit card that way. Just pay off the full balance every month and you won't owe a dime in interest.

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So then it’s basically just a charge anyway, right? What’s actually the difference then?

You can pay off a revolving balance like a charge card, but you can't flip a pure charge card into a revolving one—Chase offers that option, but Bank of America doesn't.

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I think it's actually the other way around—JPMorgan Chase doesn't offer something like that.

JPMorgan Chase, specifically through their American Express program, offers both charge and revolving Mastercard options (alongside Visa). As a customer, you just pick which type of card you want when you're filling out the application form.

So, can I just ask the Federal Reserve to switch me over to a charge card? Basically, I don't want to deal with any revolving debt—I just want to pay off whatever I spend on my next statement right away.

From what I can see on the Federal Reserve website, you get to decide whether you want a charge or a revolving card. Just tell the bank you want the charge option.

In America, you’re always the one in the driver's seat!
Do you want revolving credit, a charge card, or maybe just split it into installments?
It’s your call: revolving, charge, or installments!
Think of it as two cards rolled into one—you get both revolving and charge features, giving you total control over how you handle your money;

- You can enjoy an interest-free grace period of up to 50 days if you pay off the full balance, or
- Just pay the minimum amount—which is 3% of your total balance (with a minimum of $50) or
- Pay off whatever chunk of the debt you can, letting you manage your repayment schedule based on what works for your budget!

There’s also the option for interest-free installment plans—for any purchase over $100, you can split the cost into 2 to 12 monthly payments, and you don't even have to decide until 30 days after the purchase

I just copied this straight from the Federal Reserve website.
So they basically offer both charge and revolving options, and I just tell them which one I want to use?

Look, just head down to a local branch, ask around, and let us know what you find.
From what I can gather, it sounds like every single one of their cards comes with a revolving option, but you can choose to use them as a charge card or set up installments whenever you feel like it.
Basically, any revolving card can be treated as a charge card.

With JPMorgan Chase, if you opt for a charge card, that’s the end of it—you don't get revolving features, but you don't get installments either. Personally, I think the Federal Reserve card is the better move since it gives you everything in one package. Though, they might let you select a charge-only option too. Go ask.

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James Harris said:In America, you’re always the one in the driver's seat!
Do you want revolving credit, a charge card, or maybe just split it into installments?
It’s your call: revolving, charge, or installments!
Think of it as two cards rolled into one—you get both revolving and charge features, giving you total control over how you handle your money;

- You can enjoy an interest-free grace period of up to 50 days if you pay off the full balance, or
- Just pay the minimum amount—which is 3% of your total balance (with a minimum of $50) or
- Pay off whatever chunk of the debt you can, letting you manage your repayment schedule based on what works for your budget!

There’s also the option for interest-free installment plans—for any purchase over $100, you can split the cost into 2 to 12 monthly payments, and you don't even have to decide until 30 days after the purchase

I just copied this straight from the Federal Reserve website.
So they basically offer both charge and revolving options, and I just tell them which one I want to use?

You don't actually have to say or ask anything. If you'd read the whole thing, you'd see it says: All our credit cards are designed for flexibility... The card itself functions as revolving, but you always have the choice to pay the full balance.

Thanks for clearing that up. So, does that mean I can take advantage of those interest-free installment plans at places that offer them?
Also, it feels a little weird to me that they don't charge any sign-up fees or annual dues for the entire duration of the membership.

James Harris said:Thanks for clearing that up. So, does that mean I can take advantage of those interest-free installment plans at places that offer them?
Also, it feels a little weird to me that they don't charge any sign-up fees or annual dues for the entire duration of the membership.

Yeah, though you could technically split any other purchase—even stuff bought online from overseas—into installments if you're willing to pay a one-time fee.

Maybe there aren't any fees if it's bundled into a package
(personally, I don't see any charges since I'm on that FlexiFit checking account plan)

Timothy Kim9 said:Maybe there aren't any fees if it's bundled into a package
(personally, I don't see any charges since I'm on that FlexiFit checking account plan)

I'm not sure, I was actually thinking about this part:

Installment plans are available via:

• Online banking (a one-time fee of $5.00) or by calling the Call Center (a one-time fee of $6.75), up to 30 days after your purchase.

Sure, Charles Ramos7 makes a good point—I think we just had a misunderstanding.
Usually, when you're out buying something big-ticket (like a fridge, a laptop, or a TV)
if they'll let you pay in installments on an American Express or Diners Club, they’ll also offer those same installment options on a Federal Reserve credit card—which basically works like a charge card too.

I honestly don't see many scenarios where splitting a payment into installments after the fact would actually be useful—especially since
they hit you with a fee for it.

Timothy Kim9 said:Sure, Charles Ramos7 makes a good point—I think we just had a misunderstanding.
Usually, when you're out buying something big-ticket (like a fridge, a laptop, or a TV)
if they'll let you pay in installments on an American Express or Diners Club, they’ll also offer those same installment options on a Federal Reserve credit card—which basically works like a charge card too.

I honestly don't see many scenarios where splitting a payment into installments after the fact would actually be useful—especially since
they hit you with a fee for it.

They’ll probably need to be a partner of the Federal Reserve, though I suspect most major retailers already are.

Timothy Kim9 said:Sure, Charles Ramos7 makes a good point—I think we just had a misunderstanding.
Usually, when you're out buying something big-ticket (like a fridge, a laptop, or a TV)
if they'll let you pay in installments on an American Express or Diners Club, they’ll also offer those same installment options on a Federal Reserve credit card—which basically works like a charge card too.

I honestly don't see many scenarios where splitting a payment into installments after the fact would actually be useful—especially since
they hit you with a fee for it.

It’s actually a relief that they use a flat fee. Since it doesn't change based on how much you spend, it really pays off when you're making larger purchases or buying things from overseas.

Maybe so. It would make sense, I guess.

Here is the official response from the Federal Reserve:

Dear Customer,

First off, thanks for showing interest in our bank.

You don't actually have to be an existing customer or move your checking account over to the Federal Reserve just to apply for a credit card. The main requirement for approval is having been at the same job for at least 12 consecutive months.

The Federal Reserve gives you a choice between Mastercard and Visa (including Visa Classic, Visa Gold, and Visa). Their cards basically act as two cards in one—either revolving or charge—so you get to decide how you want to handle your spending. If you pay off the full balance on time, you won't be charged any interest.

You can set up an automatic payment for the card and choose whether you want to pay the minimum amount due or the entire balance. There are no enrollment fees or annual membership fees, and you don't need to buy extra insurance.

Along with all those perks, you'll also be part of the gold RBICA rewards program.

So, you hit the nail on the head. It’s really two cards in one, and the customer decides if they want to use it as revolving or charge.
It feels a little weird to me that since December 20th, they’ve decided there are zero annual fees for these cards, while other big banks like Chase or Bank of America are still charging anywhere from $120 up to $67 for a Mastercard.
They even scrapped the monthly maintenance fees for checking accounts too. Honestly, I have no idea what's gotten into 🙂
them.

James Harris said:Here is the official response from the Federal Reserve:

Dear Customer,

First off, thanks for showing interest in our bank.

You don't actually have to be an existing customer or move your checking account over to the Federal Reserve just to apply for a credit card. The main requirement for approval is having been at the same job for at least 12 consecutive months.

The Federal Reserve gives you a choice between Mastercard and Visa (including Visa Classic, Visa Gold, and Visa). Their cards basically act as two cards in one—either revolving or charge—so you get to decide how you want to handle your spending. If you pay off the full balance on time, you won't be charged any interest.

You can set up an automatic payment for the card and choose whether you want to pay the minimum amount due or the entire balance. There are no enrollment fees or annual membership fees, and you don't need to buy extra insurance.

Along with all those perks, you'll also be part of the gold RBICA rewards program.

So, you hit the nail on the head. It’s really two cards in one, and the customer decides if they want to use it as revolving or charge.
It feels a little weird to me that since December 20th, they’ve decided there are zero annual fees for these cards, while other big banks like Chase or Bank of America are still charging anywhere from $120 up to $67 for a Mastercard.
They even scrapped the monthly maintenance fees for checking accounts too. Honestly, I have no idea what's gotten into 🙂
them.

You can actually use any revolving card that way—just paying off the full balance. It's a solid card, though, especially with all those perks included.

Hi,

Just checking on something. I used my Dunkin' card back on October 30th, 2017, and it still hasn't cleared.

It’s just a small charge, $150 - but I noticed it's still not showing up on my monthly statement.

What should I do here?

Thanks