Credit cards offer many attractive perks like airport lounge access, cashbacks, and welcome bonuses. But using them is pricier than you think. Gain a thorough understanding of credit card-related hidden charges like credit card late fees, over-limit charges, and GST.
Importance of understanding hidden charges
Understanding the hidden charges of credit cards is extremely important. It helps you manage your finances effectively, maintain your credit score, and spend responsibly.
Credit card late fees
Banks impose late fees when you miss your credit card due date; these fees usually range from â‚ą300 to â‚ą1,000, depending on the amount owed. This lowers your credit score in addition to raising your obligations. The majority of banks provide a short grace period before charging the fee.