Attention Credit Card Users!!  Additional charges may apply..!?

Credit card users should keep some charges in mind before using their card. Otherwise, additional charges will apply. Nowadays, the number of credit card users has increased. Having a credit card at the end of the month or in a cash-poor environment allows us to easily shop or buy the things we need. However, some banks take advantage of this situation to secretly collect various charges from the users. If you are also a credit card user then it is better to know about some credit card charges and spending. Many users use their credit cards for rewards points daily. This also results in higher fees.

Annual Fee: Many banks charge users annual fees for credit cards. These vary from bank to bank and credit card model as appropriate. Some private companies also charge different rates. However, users can claim back the annual fee if they spend more than their limit. If your bank charges annual fees for a credit card, it is better to compare all other banks or use the credit card only when necessary.
Interest on credit card:

If the users do not pay the credit card bill within the specified time, the bank charges interest on the same. To avoid this interest, users must pay the minimum amount of the credit card. In such a scenario, experts urge users to keep track of credit card payments and pay them in advance. Some banks charge up to 40 percent interest if you don't pay off your credit card by the due date.
Do not withdraw money from a credit card:

If you need money urgently, never withdraw money from a credit card for any reason. Don't forget that if you use a credit card to withdraw money, you may incur a surcharge. Until you pay off your credit card bill for that amount, interest accrues. Therefore, do not withdraw money by credit card except in situations where there is no other option.

Extra charge:

Credit card companies and banks charge extra for filling up petrol or diesel. Many banks reimburse users for this surcharge. If your bank does not reimburse you for this additional fee, it is better to ask the bank. Also, be aware of additional charges before using a credit card.

Foreign transaction fee:

Foreign transaction fees are charged for credit card transactions abroad. This fee is very high. If you're going abroad, it's a good idea to check with your bank how much transaction fees you'll pay if you use your credit card there.

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Sowmiya Sriram

11/03/2024 10:36 AM