Definition, Meaning & Synonyms
charge account
Noun
/tʃɑrʤ əˈkaʊnt/
Definition
A charge account is a financial arrangement that allows a customer to purchase goods or services on credit at a particular store or business.
Examples
- She used her charge account to buy a new sofa for her living room.
- Many retail stores offer charge accounts to help customers manage their payments.
- He was careful to pay off his charge account each month to avoid interest fees.
Meaning
It enables customers to buy items now and pay for them later, usually with interest or certain payment terms.
Synonyms
- Credit account
- Installment account
- Store credit
