It is important to know which charges will be levied on you after getting a credit card. Let us know about 5 such charges on credit cards, which are often not mentioned by any agent or bank.
Credit Card Fees: You may often get a call and get an offer to get a credit card with a credit limit of lakhs for free. Some of them are true, but some agents and banks do not give you complete information and sell the credit card. In the market, you will find many people telling you about all the discounts and reward points available on credit cards, but no one tells you which charges will be levied on you after getting a credit card. Let us know about 5 such charges on credit cards, which are often not mentioned by any agent or bank.
1- Annual charge causes confusion
There are many credit cards on which no annual charge is levied, but this charge is levied on most cards. Even if you get this card for free for the first time, this charge will be levied from the next year. However, most banks waive off the charge levied on the card after shopping beyond a regular limit. Many banks even charge an annual charge for the first time. In such a situation, while taking a credit card, understand well whether the annual charge is waived on the card or not and if it is waived, then when will it be levied and how much will it be.
2- Interest levied on credit card dues
The interest charged on the outstanding amount is a major source of income for every credit card company. Every month a credit card statement comes, which mentions the due amount, which has to be paid by a certain date. If you delay paying it even by a day, then interest can be charged on all your due amounts at the rate of 36-48 percent per annum for the entire period. At the same time, many people get caught in the trap of minimum due, they also have to pay a huge interest. It is also important for you to understand what is minimum due and how to avoid getting caught in its trap.
3- Heavy charge is levied on withdrawing cash
While selling a credit card, the facility of withdrawing cash is also given in its feature. Some people think that this is very good. Remember, heavy interest starts being charged from the very first day on withdrawing cash from a credit card. Do not think that like shopping, you will get about a month’s time to return the cash. So keep one thing in mind that you should not withdraw cash from the credit card under any circumstances, even if you have to take a loan from the bank or you have to ask for a loan.
4- Also pay attention to the surcharge
Surcharge has to be paid on filling fuel from a credit card. Although surcharge refund is available on most credit cards, but there are some conditions for that too. Surcharge is also available up to a certain limit. For example, a bank can say that the surcharge levied on transactions of Rs 500 to Rs 5000 will be refunded. At the same time, only surcharge of Rs 100, 200, 300 or a fixed limit will be refunded every month.
5- Charges levied on overseas transactions
It is a big feature of most credit cards that you can use them abroad as well. However, you need to keep in mind that overseas transaction charges are very hefty. So if you are planning to use a credit card abroad, then first ensure with your bank how much charge you will have to pay.
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