By using a credit card, users get many benefits like cashback, rewards etc. It is also important to note that credit card companies or banks charge a lot of money from users in the name of various charges.
Credit Card Charges: The trend of credit card is increasing in the country. However, many people who use credit card do not pay attention to its different charges. Credit card companies or banks charge a lot of money from the users in the name of different charges. If you also have a credit card or are thinking of applying for a credit card, then it is important to know which charges you will have to pay on it.
Joining fee and annual charge
On most credit cards, you have to pay joining fee and annual charge. Let us tell you that you have to pay joining fee only once, while you have to pay annual charge every year.
Finance charge
If you do not pay the credit card bill in full, then the bank charges finance charge on the remaining bill. For this reason, experts advise to pay the full bill instead of the minimum amount due.
Finance charge
If you do not pay the credit card bill in full, then the bank charges finance charge on the remaining bill. For this reason, experts recommend paying the full bill instead of the minimum amount due.
Cash advance fee
Cash advance fee is the amount charged by the credit card company or the bank for withdrawing money from the ATM using a credit card.
Surcharge at petrol pumps
Most people do not know that card companies charge a surcharge for filling petrol and diesel through credit card.
Forex markup fee
Card companies charge forex markup fee for making payment through credit card abroad.
Card replacement fee
Companies charge card replacement fee for issuing a new card if the card is lost or stolen.
Over limit fee
Credit cards may allow you to spend more than the prescribed limit. Banks or card companies do not allow this for free. They charge over limit fees for such transactions.
