Credit Card: Banks levy these 5 charges on credit cards, banks or agents often hide these things...
You must often be getting calls that you are getting a credit card with a credit limit of lakhs for free. Some really tell the truth, but some agents and banks give incomplete information and try to sell their credit cards. You will find many people telling you about all the discounts and reward points on credit cards, but no one tells you what charges you will have to pay after taking a credit card. ) will be imposed. Let us know about 5 such charges on credit cards (5 Charges on Credit Cards), which no agent or bank often mentions.
1- Annual charge causes confusion-
There are many credit cards on which there is no annual charge, but this charge is levied on most of the cards. Even if you get this card for free for the first time, this charge will be levied from next year. However, most banks waive the charges on the card after shopping exceeds a regular limit. Many banks charge annual fees even for the first time. In such a situation, while taking a credit card, understand well whether the annual charge on the card is waived off or not and if so, when will it be charged and how much will it be.
2- Interest charged on credit card outstanding-
Interest charged on outstanding is a major source of income for every credit card company. Every month a credit card statement comes, in which a due amount is written, which has to be paid by a fixed date. If you delay in repaying it even by a day, then interest at the rate of 36-48 percent per annum may be charged on your entire due amount for the entire period. At the same time, many people get trapped in the issue of minimum due, they also have to pay huge interest. It is also important for you to understand what minimum due is and how to avoid getting trapped in it.
3- Heavy charges are levied on withdrawing cash-
While selling a credit card, the facility to withdraw cash is also provided in its feature. Some people think this is very good. Keep in mind that on withdrawing cash from a credit card, heavy interest starts being charged from the very first day. Do not assume that like shopping, you will get about a month's time to return the cash. So, keep one thing in mind you should not withdraw cash from the credit card under any circumstances, even if you have to take a loan from the bank or ask for a loan.
4- Keep in mind the surcharge also-
The surcharge has to be paid for filling fuel through a credit card. Although a surcharge refund is available on most credit cards, there are some conditions for that too. The surcharge is also available up to a certain limit. For example, a bank may say that the surcharge applicable on transactions of Rs 500 to Rs 5000 will be refunded. Whereas every month only a surcharge of Rs 100, 200, 300 or a fixed limit will be refunded.
5- Charges on overseas transactions-
It is a big feature of most credit cards that you can use them even in foreign countries. However, you need to keep in mind that overseas transaction charges can be quite steep. So if you are planning to use a credit card abroad, then first ensure from your bank how much charge you will have to pay.