In a polymer, a positive polaron p+ attracts a negative polaron p– to form an exciton, which is neutral and has spin s = 0 (singlet, emissive) or s = 1 (triplet, non‐emissive). However, in non‐degenerate polymers, bipolarons (B) which are doubly charged and spinless are also carriers, such that B2+ (B2–) attracts p– (p+) to form a new kind of exciton – the charged exciton. Since the charged exciton has spin s = 1/2, the triplet state does not appear and is emissive. The structure and transition probability of the charged exciton are presented in this paper. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)