charge account credit

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Explanation of "Charge Account Credit"

Definition:
A "charge account credit" is a type of agreement between a customer and a store or bank that allows the customer to buy things on credit. This means you can purchase items even if you don’t have the money right now, up to a certain limit. You can pay off what you owe at any time, but you usually have to pay at least a minimum amount each month.

Usage Instructions:

1. You can use a charge account credit to buy items when you don't have enough cash.
2. You should keep track of how much you spend so you don’t exceed your credit limit.
3. Make sure to pay off the balance to avoid interest charges.

Example:

• "I used my charge account credit to buy a new television. I can pay it off over the next few months."

Advanced Usage:

• Charge account credits can help build your credit score if you make payments on time.
• Some stores offer special promotions or discounts for using their charge account credit.

Word Variants:

• Charge Account: Refers to the account itself that allows for credit purchases.
• Credit Limit: The maximum amount you can borrow on the charge account.
• Credit Score: A number that represents your creditworthiness, which can be improved by using charge accounts responsibly.

Different Meanings:

• Charge: In a different context, "charge" can mean to ask for money for a service or item (e.g., "The restaurant will charge you for the meal.").
• Account: Can also mean a report or description of an event (e.g., "He gave an account of his travels.").

Synonyms:

• Credit Line: Another term for the amount of credit available to you.
• Store Credit: Money you can spend at a particular store, often given when you return an item.

Idioms:

• "In the red": This means you owe money, often because you've spent more than you have in your charge account.
• "Charge it": A common phrase meaning to put a purchase on your credit account.

Phrasal Verbs:

• Pay off: To pay back the money owed on your charge account.
  • Example: "I need to pay off my charge account before the end of the month."
• Max out: To reach the limit of your charge account.
  • Example: "I maxed out my charge account credit with all my holiday shopping."

Summary:

A charge account credit is a helpful financial tool that allows you to purchase items on credit up to a limit, with the flexibility to pay it down whenever you can.

Academic

Noun

1. a consumer credit line that can be used up to a certain limit or paid down at any time

Synonyms

• open-end credit
• revolving credit