Credit Card: Not much information is given by banks about the charges for using credit cards. You come to know about it only when charges are levied on you. To avoid any such condition, do complete information in detail before taking a credit card.
Credit Card: If you also get a call that a free credit card is being offered to you by the bank, then understand that the executive is telling you wrong. Actually, many such charges are levied on the credit card, on whose behalf neither the bank nor the caller gives information. Often the caller tells only about the reward points and discounts available on shopping and you get attracted only after listening to them. Let us know about those charges on credit cards, which no one tells about.
Annual charge
This charge varies according to the banks. Some banks do not take this charge, but they also put a condition that you have to shop for so much money every year. Some banks waive off the annual fee for connecting any bill to the card. Before applying for credit card, do information about this. Because the exec always says that this credit card is absolutely free. But he does not give information about the terms hidden behind it.
Interest on arrears
Interest is charged by every bank. This charge is applicable if the payment is not made on the due date. Some people think that interest will not be charged on paying the minimum amount. but it’s not like that. By paying the minimum amount, you are saved from penalty but you will have to pay a hefty interest of 40 to 42 percent. So try to pay the bill two-three days before the due date.
Cash withdrawal charges
Every credit card has a cash limit. If you are withdrawing cash through credit card, then keep this in mind, as soon as you withdraw money, the bank has started levying charges that too heavy. When shopping with the card, you have to pay the money without any charge till the due date. But this is not the case when withdrawing cash. In such a situation, if possible, avoid withdrawing cash from the credit card.
Take care of surcharge
Almost all banks levy a surcharge on payment of petrol and diesel through credit cards. Some banks refund this charge and some do not. But the refund also has a fixed limit. If you fill oil above that limit, then this charge will not be refunded. For example, the monthly limit for filling petrol and diesel on Axis Bank’s My Loan card has been fixed at Rs 4,000.
Overseas Transaction Charge
While offering the credit card, banks only say that with this credit card you can do transactions abroad. But no one tells about the charges for using the credit card abroad. If you are also planning to go abroad, then first make sure that the bank of which you have a credit card, how much will be charged for using it?
