Credit Card Charges: How to use credit card wisely to avoid additional charges on your card ❤️

Credit Card Charges: How to use credit card wisely to avoid additional charges on your card 

Credit Card Charges: Credit cards have many advantages, like bonus discounts as well as exciting reward points. Credit cards are also available in various categories to meet all kinds of needs. 

Although credit cards can provide instant cash during times of emergency but the fees that are associated with credit cards can be extremely expensive. 

Experts advise that when using a credit card you should know the various fees charged by the cards.Credit Card Charges.

The charges associated with credit cards for each bank are usually listed on the website of the bank. 

While some of these fees are obligatory for the use of credit cards, certain charges are able to be avoided or even reversed.

Common credit card charges

• The credit card fees that are mandatory include the annual fee or renewal fee that ranges from Rs 500 to 5000, based on the kind of card and the benefits it provides.

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• When cash transactions are involved like cash advances made via an ATM with a credit card, the cash advance charges are imposed. The fees for cash advance typically are between 2 and 3 percent of the amount you withdraw or a minimum of 500. Charges are charged on the following statement of credit card to the card holder.
• Cash advances are a popular option, but some credit cards are also subject to an interest rate of 1-2 percent per month, starting on the date of withdrawal until the full amount is completed.
• Late payment charges typically range between Rs 100 and 5,500, based on the amount of money you’ve borrowed and the balance on your statement. Late payment charges can be incurred when the cardholder pays his credit card within that due date. Some banks will not charge late payment fees in the case of a balance in excess of 100 rupees.
• If you’re revolving your credit, meaning you only pay the minimum amount due and the fees that are added to the credit card are high. For example, HDFC Bank credit cards are charged monthly 3.49 percent for each month. That equates to an annual amount of 41.88 per year.

Do not pay any additional charges for credit cards

• If you make use of your credit card in a responsible manner it is not necessary to pay for all charges for credit cards that are mentioned above. 
• For instance, banks can waive the annual fee from their credit card when the cardholder reaches a certain threshold in a given time.
• It is also recommended to avoid cash advances from your credit card as they are subject to the highest rate of interest. In the event that you must take cash in the event of an emergency,
• or even pay it back in the first instance the cash advances begin to accrue the interest as soon as the date of billing.
• Be sure to pay off your dues at the time of due to avoid fees for finance. You should not make the minimum payment , and then continue to revolve their due date on their credit card. It could also result in high-interest rates and a the late payment fee.
• Experts advise that only the minimum amount of payment is not recommended. If you do you will end up in an unsustainable debt situation and it could be difficult to escape from it.
• You can also make a prepayment of your bill or make payments online through your bank.
• Be sure to stick to your budget when using credit cards. So you can pay off the debt by the payment due date , and you won’t be liable for penalties for late payments or interest.
• If you’ve already extended your credit but you have only paid the minimum amount that is due be sure you do not make new purchases until after you’ve paid off your credit card balance.
• If you are traveling overseas, make sure not to make use of your credit card as it will charge an additional conversion feethat ranges between 3 and 4 per cent.

credit card wisely to avoid additional charges on your card Also Search

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