The broadcaster's decision follows the BBC's decision two weeks ago to suspend all competitions after a damning admission that its producers had misled the public on a number of occasions.
Channel 4 will donate its share of profits from the 'Deal or No Deal' competition to charity, with effect from August 13, inline with its new policy.
Channel 4 said it ran around 30 premium rate phone competitions in and around programming last year on its flagship channel and multi-channel stations.
It estimates premium-rate phone competitions will earn the Channel 4 group in the region of £3m this year.
The launch of the new policy has coincided with the publication of findings of an internal investigation into the 'You Say We Pay' competition.
Andy Duncan, Channel 4 chief executive, ordered the investigation after problems with the operation of the competition were revealed in the press in February.
The investigation found that problems with the competition dated back to September 2004, but uncovered no evidence that any member of staff had any direct involvement in or knowledge of the improper handling of viewer calls.
Channel 4 is offering to refund viewers who entered 'You Say We Pay' and said approximately £2.2m of revenue was generated from improperly entered calls from September 2004 to February 2007. It plans to donate any unclaimed profits to charity.
The channel will continue using phone voting in 'Big Brother' but is only charging viewers a rate sufficient to cover the cost of the call and any charitable donation.
Anne Bulford, Channel 4's group finance director, who has overseen the investigation, said: "As a commercially funded public service broadcaster we've previously taken the view that premium rate competitions were a legitimate activity given the demand from viewers to take part.
"But public trust in these competitions has been severely undermined and we do not want to risk further our relationship with our viewers. The channel's reputation is its most valuable asset and can only be protected by demonstrating that we place the highest priority on safeguarding the interests of our viewers and will take action if we find they have been let down."