Especially, with some hidden charges that you may not know of... watch out for :
Cash advance fee: It’s the amount that you withdraw from an ATM using your credit card. Usually, the cash advance fee is 2.5% of the cash advance amount
Late payment fee: It’s normally charged on your outstanding amount when the minimum amount is not paid by the due date. The late payment fee in most cases, progressively increases as the balance becomes higher.
Annual maintenance fee: You may think that credit cards only come with the joining and first-year fees. Though it might not be mentioned explicitly, you have to pay an annual maintenance fee every time you renew the credit card.
Cash processing fee: It’s normally charged when you make your credit card payment in cash. it is important to keep this in mind while paying your credit card dues so that you can explore other options that do not have additional payments attached to them.
Reward redemption fee: Rewards are often the gem that stands out with payments. But, there may be charges that come with their redemption! Banks charge their customers for redeeming reward points even when the reward is a product or voucher.
Share this with your friends and warn them about these! Tell us in the comments if you’ve faced any of these charges :(
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About FinCocktail:
FinCocktail by Sayali Rai & Niyati Thaker is a one-stop shop for all your questions about personal finance. It was created to help young Indians understand and embrace their personal finances. It aims to become a source of inspiration to all who want to take charge of their financial futures.