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In times of financial crisis, credit cards provide a lot of respite. While they serve as a great resource for making purchases and getting rewards, credit cards come with their own set of responsibilities. While banks may claim that the credit card is free, users should understand that there are some hidden fees attached to the card.
In times of financial crisis, credit cards provide a lot of respite. While they serve as a great resource for making purchases and getting rewards, credit cards come with their own set of responsibilities. While banks may claim that the credit card is free, users should understand that there are some hidden fees attached to the card.
You can face hidden charges when using a credit card. Do not panic. “Some of these may not even apply to your card, and if you are proactive, you can completely avoid them. Most commonly, high-end rewards credit cards with annual fees include travel, business, credit cards for those with bad credit, and gift cards for those with fair or limited credit,” says Amit Gupta, MD, SAG Infotech.
You can face hidden charges when using a credit card. Do not panic. “Some of these may not even apply to your card, and if you are proactive, you can completely avoid them. Most commonly, high-end rewards credit cards with annual fees include travel, business, credit cards for those with bad credit, and gift cards for those with fair or limited credit,” says Amit Gupta, MD, SAG Infotech.
Vinit Khandare, CEO & Founder, MyFundBazaar says this usually means joining fees and annual fees are waived for the first 365 days. Post that, the annual maintenance fee starts.
Vinit Khandare, CEO & Founder, MyFundBazaar says this usually means joining fees and annual fees are waived for the first 365 days. Post that, the annual maintenance fee starts.
He suggested that before confirming, users should check whether the card is free for just the first year or for life.
He suggested that before confirming, users should check whether the card is free for just the first year or for life.
You can use your credit card to withdraw money from an ATM. However, you will be charged a cash withdrawal fee according to your credit card agreement.
You can use your credit card to withdraw money from an ATM. However, you will be charged a cash withdrawal fee according to your credit card agreement.
According to Vinit Khandare, withdrawing cash from a credit card requires interest from the moment the transaction is made and it can be as high as 2.5 percent of the amount withdrawn.
According to Vinit Khandare, withdrawing cash from a credit card requires interest from the moment the transaction is made and it can be as high as 2.5 percent of the amount withdrawn.
There are also late payment penalties. If you don’t make the minimum monthly payments, late payment fees are sometimes charged to your account.
There are also late payment penalties. If you don’t make the minimum monthly payments, late payment fees are sometimes charged to your account.
“Banks charge a flat fee when the credit card holder fails to pay the minimum due amount on time and late payment has a direct impact on credit scores. Moreover, only the minimum due payment does not accomplish its purpose,” said Vinit Khandare.
“Banks charge a flat fee when the credit card holder fails to pay the minimum due amount on time and late payment has a direct impact on credit scores. Moreover, only the minimum due payment does not accomplish its purpose,” said Vinit Khandare.
All credit card transactions are subject to GST, a charge of 18 percent of the credit card fee.
All credit card transactions are subject to GST, a charge of 18 percent of the credit card fee.
While most of the leading credit card providers have cards that are globally accepted, foreign transactions incur additional fees. A percentage of the transacted amount is converted into rupees and charged as a fee.
While most of the leading credit card providers have cards that are globally accepted, foreign transactions incur additional fees. A percentage of the transacted amount is converted into rupees and charged as a fee.
The foreign transaction fee charged by your credit card may be 3%. This is the standard fee charged for every foreign transaction you authorize on your credit card. You’ll need to pay a balance transfer fee if you need to move funds between accounts. Usually, the fee is a portion of the money you transfer, says Vinit Khandare.
The foreign transaction fee charged by your credit card may be 3%. This is the standard fee charged for every foreign transaction you authorize on your credit card. You’ll need to pay a balance transfer fee if you need to move funds between accounts. Usually, the fee is a portion of the money you transfer, says Vinit Khandare.
There’s no doubt that credit cards serve as a powerful tool for managing your finances, but they also have hidden costs. To avoid these fees, be sure to read and understand the fees and charges associated with your credit card before choosing one.
There’s no doubt that credit cards serve as a powerful tool for managing your finances, but they also have hidden costs. To avoid these fees, be sure to read and understand the fees and charges associated with your credit card before choosing one.
