If you also get a call that you are being offered a free credit card from the bank, then understand that the executives are lying to you. Actually, many of these charges are levied on the credit card, which neither the bank nor the caller gives information about. Often the caller only mentions the reward points and discounts you get on shopping and you are fascinated by hearing them. Let’s take a look at those credit card charges that no one talks about.
These charges vary according to the banks. Some banks do not charge this fee, but they also stipulate that you buy this amount every year. Some banks waive the annual fee for linking any bill to the card. Know about it before applying for a credit card. Because the admin always says that this credit card is absolutely free. But it does not give information about the conditions behind it.
interest on outstanding balance
Interest is charged by each bank. This fee will be charged if the payment is not made on the stipulated date. Some people believe that interest will not be charged on the minimum payment. But that is not the case. Paying the minimum amount saves you from the penalty but you have to pay a hefty interest of 40 to 42 per cent. So try to pay the bill two-three days before the due date.
cash withdrawal fee
Every credit card has a cash limit. If you are withdrawing cash from credit card then keep in mind that as soon as you withdraw money, the bank starts charging very heavy charges. When making purchases with the card, you must make the payment by the due date without any charges. But this is not the case with cash withdrawals. If possible, avoid withdrawing cash from credit cards.
take care of the surcharge
Almost all banks levy surcharge on payment of petrol and diesel through credit cards. Some banks refund this fee and some do not. But there is also a certain limit for refunds. If you refuel over that limit, this charge will be non-refundable. For example, the Axis Bank My Loan card has a monthly limit of Rs 4,000 for petrol and diesel.
foreign transaction fee
While offering the credit card, the banks only say that with this credit card you can transact abroad. But no one talks about the charges for using a credit card abroad. If you are also thinking of going abroad, then first make sure that what will be the charges for using the bank credit card you have?