Credit cards can be a convenient way to pay for purchases, but they can also come with a variety of fees that can add up quickly, here are some points to know.
1
Many credit cards, particularly rewards cards, charge an annual fee, Ranging from Rs50 to Rs500 or more.
2
You'll be hit with a late payment fee if you don't pay your minimum balance by the due date.
3
If you carry a balance on your credit card, you'll be charged interest. Interest rates on credit cards can be very high often 20%.
4
Withdrawing cash from an ATM using your credit card typically comes with a cash advance fee, often in the range of Rs5 to Rs10.
5
If you use your credit card abroad, you may be charged a foreign transaction fee, typically a percentage.
6
Transferring a balance from another credit card can come with a balance transfer fee, often a percentage of the amount transferred.
7
Some rewards programs charge a fee to redeem your points or miles for travel or other rewards.
8
Some cards charge a fee if you don't use them for a certain period of time.
9
If your payment is returned due to insufficient funds, you may be charged a returned payment fee.
10
If you spend more than your credit limit, you may be charged an overlimit fee.