When shopping using a credit card, be aware of these things, otherwise … | Know everything about Credit Card use and hidden charges

When shopping using a credit card, be aware of these things, otherwise … | Know everything about Credit Card use and hidden charges

Credit Card | It is important to check whether the credit card carries an annual fee. There is an annual charge for each type of credit card.

When shopping using a credit card, be aware of these things, otherwise ...

Credit card

Mumbai: The current generation of people seem to be using credit cards or debit cards in large quantities. Credit cards allow you to make purchases when you need them, even when you have no money. In addition, discounts and cashback on credit card use are a source of attraction for many. (Know about Credit Card use and charges)

However, there are some things to keep in mind when shopping for credit cards. Otherwise you may face a big financial blow. Credit card users are often unaware of the hidden charges and the like. Therefore, overuse of credit cards can lead to financial crisis.

Annual fee

It is important to check whether an annual fee is charged for a credit card. There is an annual charge for each type of credit card. These charges can range from Rs.500 to Rs.3000. This payment is mandatory every year. Often you may have to pay an additional annual fee in the name of raising the credit limit.

Due date fee

No problem if you pay your credit card bills on time. However, failure to pay your credit card bill by the due date can be a major problem. If you go to pay after the due date is over, you will be fined a lot. The amount of the penalty is determined on a monthly basis. However, if you compare on the basis of annual arithmetic, you are charged a penalty of 30 per cent.

Charge to transfer money to digital wallet

Often we use a credit card to make payments in Paytm or any other digital wallet. However, there is an additional charge for this transaction.

Charge if withdrawn

You can withdraw money from a credit card. However, huge interest is charged for it. So it is important to be careful when withdrawing large amounts from a credit card.

GST has to be paid

When you use credit card services, it is subject to GST. Credit card services may be subject to 15 per cent GST in the near future. This can increase your costs.

(Know about Credit Card use and charges)

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