Skip to main content

What is the most widely accepted credit card?

What are Common Charges in Credit Cards in India

 

What are Common Charges in Credit Cards


What are Common Charges in Credit Cards in India


Every credit card that's out there comes with all sorts of fees that can end up costing you they'll charge you if you're spending too much and they'll charge you for spending too little 

The RBI has taken steps to protect consumers from enormous rates such as inactivity fees or unreasonable penalty fees but still, credit cards seem to come up with some sort of method of taking more of your money 

so you have to understand the different fees that come with your credit card there are 

  • Annual Fee
  • Application and Setup fee
  • Cash Withdrawal Fee
  • Over the Limit Fee
  • Balance Transfer Fee
  • Late Fee
  • Returned check fee


Annual fees 

Most credit card companies charge a yearly fee for owning and using their credit cards to avoid this you can look for a new credit card with no annual fee or ask the company to waive the fee which happens more often than you think. 

Application and Setup Fee 

Most of the time these are one-time fees that are usually given out to people with poor credit also sometimes referred to as processing fees these charges are limited to 25% of your initial credit limit under the credit card, ability responsibility and Disclosure Act of 2009.

Cash Withdrawal Fee

The cash withdrawal vias process is either a flat fee or a percentage of this fee are added anytime withdraw cash using your credit card the danger is that cash advance fees and interest fees are typically higher than those from normal purchases so cash withdraw should be used only in emergencies. 

Over the Limit Fee

Thanks to the card act credit card users don't have to opt in to permit their credit cards to spend more than the limit additionally the levy fee may not be more than the amount spent, for example, exceeding the limit by 50,000 cannot incur a fee of more than Rs. 5,000.

Balance Transfer Fee

There are balance transfer fees and these are usually used to save money on interest, but these deals aren't usually free and companies can charge a certain percentage or flat rate fee per transfer 

Late Fee

Occur when you fail to pay your minimum balance on time the late fee will soon follow although the penalty is captain either your minimum balance up to $25 or $35 if you've had another late payment in the past six months it's best just to avoid this and prevent the fee by paying your bill on time.

Returned check fee

Is another easily preventable fee the return check fee is charged when you try to pay your credit card balance from a bank account with insufficient funds companies impose a charge for each bounced payment just do yourself a favour always read the fine print of your credit card policy to avoid unexpected charges it will only help you in the end to avoid all these excessive fees.


Also read: How do payments on a credit card work

Also read: How to check debit card emi eligibility

Also read: How to create apple id without credit card

Also read: Wells fargo reflect credit card review


 THANK YOU SO MUCH 


Comments


  1. I agree with a lot of the points you made in this article. If you are looking for the Wholesale Plastic Member Cards, then visit PR Design. I appreciate the work you have put into this and hope you continue writing on this subject.

    ReplyDelete

Post a Comment

Popular posts from this blog

Federal Bank Signet Credit Card 2022 Review

Federal Bank Signet Credit Card 2022 Review What is Federal Bank Signet Credit Card?  Federal bank and RuPay have now joined hands to launch the Federal Bank Rupe Signet Credit card, bringing you the best features in a single card Like. The lowest dynamic annual percentage rate starting from 5.88% per annum.  "3x Rewards" on Spence for electronics and apparel categories "2X Rewards" on entertainment category.  Personal accident insurance cover of Rupees to Lakhs 24/7 concert services  Complimentary airport lounge access,  Complimentary Swiggy vouchers  Buy One Get One offers on Inox Movie  Federal Bank Signet Credit Card Welcome Benefits:  Amazon Pay E-voucher worth Rupees 500 on spent off Rupees 3000 and above in 1st 30 days. Additionally, experience fabulous dining offers at partner hotels through the Fed Delights programme,  Giving up to 15% discounts gain access to a wide variety of RuPay offers and deals, including travel, food and dining, shopping, sports, ent

What is Flipkart axis bank credit card

What is a Flipkart axis bank credit card? Flipkart Axis Bank Credit Card, if you also shop with Flipkart So you must have seen the Flipkart Axis Bank Credit Card banner on Flipkart. Do you know? What is Flipkart Axis Bank Credit Card?  Where can you use Flipkart axis bank credit card?  How to use Flipkart axis bank credit card? What are the benefits of using a Flipkart axis bank credit card? What is the downside of Flipkart axis bank credit cards? How to get Flipkart axis bank credit card? Which documents requied to make a Flipkart axis bank credit card And following which terms and conditions can be eligible to get a Flipkart Credit Card? After making Flipkart axis bank credit card If you use Flipkart Axis Bank Credit Card? So when will his bill comeWhen and how you can pay the bill?  If you do not pay your bill on time What will happen then? If you were also applying for Flipkart Axis bank Credit card And you get the option of coming soon? So when and how will you get the option to a