Credit Card Usage Charge: These days everyone has some or the other credit card. But do you know it will empty your bank account. Actually, for banks, credit card is such a product which gives them more income than loan in less time. Money from the pockets of people using credit cards keep going to the banks and people do not even pay attention to it. know how
know how the charge is deducted
Usage Charges (Credit Card Usage Charge)
Many banks claim that there are no additional charges on their credit cards. That is, the amount of money you have used is not charged if you pay it in a fixed time. This is true, but in the name of usage charge, many banks charge good fees. In the beginning, the customers are told that the credit card is absolutely free, which happens in the beginning as well. But after a year many banks start deducting usage charges.
Credit Card Minimum Due Charge
Often people like to repay a large amount of credit card after using it in pieces, but they either forget to make EMI of that amount or they do not get an offer to make EMI. In such a situation, the way out is to pay the minimum amount, so that your credit card can continue to operate. But there are big disadvantages of this minimum due, which are not told in front. Heavy interest and balance charges are levied on the remaining amount after paying the minimum due. GST is also levied on these charges.
Credit Card Late Fees
If you miss a credit card payment, late fees are levied on your credit card. Like the usage charge and minimum due charge, these late fees are also not known to you until you open the credit card statement. The minimum late fee is Rs 500 on which GST is levied additionally. Be it usage charge, minimum due charge or late fee, you do not get any message when all these charges are deducted. Credit card debit and credit transactions as well as only bill due information comes via SMS. So always read the credit card statement thoroughly to avoid extra charges, all these details are clearly mentioned in the terms and conditions of the credit card.
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