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Resources » Articles/Knowledge Sharing » Caution & Alerts »
Be Careful While opting for a Credit Card
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Using Credit card has become a fashion these Days. People are using Credit cards for purchasing almost everything of their need, without knowing the impact of it. Once you have taken a credit card from any bank you will be stuck in credits for long time if you do not submit bills on time.
Almost every bank is offering different schemes for customer so that they take a credit from the bank. But most of the time banks do not provide complete information to customer. People come to know about full information once they get the credit card from the bank and start getting the bills. Most of the time people do not understand about the interest rate of the credit card.
If someone has taken loan through credit card and unable to pay the loan amount on time then bank start bothering the customer. If you are not able to pay the amount then Banks have collection agents who will follow you most of the time and is some cases they even fight with customers also
Credit Card can be of no problem for reach people but for a middle class person it can create lots of problem. If there is a delay of even a single day in paying the credit card bill then bank will charge 200-300 Rs. as late fee in next months bill. In some cases late payment and penalty gets more than the original due payment.
If you are using credit card carelessly then it can be a big problem for you. Banks can add some amount in your expenses from which you are also not aware of. Please see below expenses, which a credit card holder should know.
1. Minimum Amount Due: - Banks give you options on your credit card bill. In this option bank decide a minimum amount of your credit card bill which you have to pay before the payment due date, but if you do this then you will loose your free credit card service facility, which means that you will have to pay interest on balance amount along with next months bill. So it’s better to pay the full amount due before the time or pay as much as you can before the time.
2. Late Fees: - If you don’t pay your bills on time, then mean before or till the payment due date then you will come under the circle of late fee. Late fee is different for all Banks, but it can be some where around 300-400 Rs.
3. Cheque Bounce: - If in some case your Cheque gets bounce then banks will again charge you 200-300 Rs. as penalty, and if the due date is also gone then you will have to pay late fee also along with Cheque bounce penalty.
4. Credit Over limit: - Bank gives you a limit on your credit card for expenses but sometime they except over limit expenses also, they do it so that they can collect around 5 % interest on over limit expenses.
5. Yearly Fee: - If you want to disable your credit card and have decided that you will not pay the next yearly fees then you will stick in more problem. If you want to do so then you will have to inform your bank otherwise bank will not disable your credit card and keep on sending yearly fee bill including late charge.
6. Card lost and you are in trouble: - The very important thing is always keep your credit card in very safe place and uses it very carefully. Do not give your credit card to anybody. If you somehow you lost your credit card then you will be in trouble if it gets some wrong hands. In case you have lost your card immediately inform your bank to block the card, if you don’t do it then the expenses occurred using your card will will have to pay by you only.
So be careful while choosing and using any Credit Card.
Sukhsagar Prajapati
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