Credit Card Charges The number of credit card users is increasing every year. In such a situation, people get credit cards but they do not know what charges the company levies on the credit card. Yes, different fees are charged from the users by companies or banks. Today in this article we will tell you about the hidden charges levied on credit cards.
Credit Card Alert: Business Desk, New Delhi. Credit Card Hidden Charges: Now credit cards are used not only in cities but also in villages. The number of credit card users has seen an annual increase. Do you know that many types of charges are levied by banks or companies on the credit card you use.
Many users are unaware of these charges. Today we will tell you which hidden charges are levied on credit cards.
Joining fee and annual charge
Many companies or banks levy joining fee and annual charge on credit cards. Although joining fee has to be paid only once and annual charge has to be paid every year. Many users consider joining fee as annual charge. Many times annual charge is waived if the bank spends more than a limit on credit card. Yes, every bank and company has a different limit regarding this.
Finance charge
If the user does not pay the full bill of the credit card, then finance charge is levied by the company or bank. In such a situation, to avoid this charge, experts also advise that the user should pay the full bill instead of the minimum amount.
Cash advance fee
Cash advance fee is charged by the bank or company. This fee is charged when a user withdraws cash from an ATM using a credit card. In such a situation, to avoid this fee, the user should not withdraw cash through credit card. The maximum bank charges is 2.5 percent advance fee.
Surcharge
If you use a credit card to fill petrol or diesel, then let us tell you that a surcharge is levied. The bank or company levies a surcharge of a fixed limit. Sometimes the surcharge is also refunded by the bank.
Forex markup fee
When you go abroad and use a credit card for any payment, then a forex markup fee is charged. This fee can be 3.5 percent of the transaction amount. However, its rates are different in every bank or company. Forex markup fee is quite low on many credit cards.
