All About Credit Card Fees and Charges

Credit card usage is on the rise in India due to its convenience, rewards, and secure transactions. To be able to use credit cards wisely, you must know about the associated credit card charges and fees, such as annual fees, interest rates, payment charges, foreign transaction fees, cash advance fees, and over-limit fees. There are several credit card fees that are applicable to the use of credit cards.
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Different Types of Credit Cards Fees and Charges
Following are the most common credit card fees and charges you need to know about:

Annual Fees

Annual fees are charged by certain lenders every year to keep your credit card services active.

Interest Rates

Failure to pay your credit card bill at the end of your billing cycle attracts an interest fee.

Late Payment Charges

Late payment fee is charged when you fail to pay your credit card balance or the minimum amount due by the due date.

Surcharges

A surcharge fee is a fee certain merchants charge you for processing your credit card payment.

Foreign Transaction Fees

Forex fees are charged when you exchange currencies, whether it's for travel, international purchases, or trading.

Balance Transfer Fees

It’s a debt repayment strategy that involves moving debt from one credit card to another for lower interest rate.

Cash Advance Fee

Cash advance fee is charged when you withdraw cash from your credit card. It is better used only for emergencies.

Over-Limit Fees

Overlimit fees on credit cards are charges incurred when you exceed your approved credit limit.

Cheque Bounce Charges

If you pay your credit card bill through cheque and it bounces, you are charged a Cheque bounce charge.

Frequently Asked Questions on Credit Card Fee & Charges

Which fees are charged on a credit card?
What are the hidden charges on credit cards?
What are the different fees or charges levied by One Credit Card?
What is the minimum fee with credit cards?
Can I cancel my credit card without penalty?
How much money can I borrow with a credit card?