That way you can pay off the outstanding within the payment due date and you will not attract additional late payment fees and interest. Try to spend within your means when using a credit card.You can also pre-pay your bill or even schedule payments through online banking.If you do so, you are sure to land yourself in a debt trap and it might become very difficult to get out of it. Experts suggest that making only the minimum payment due should be strictly avoided.That would also attract high-interest rates along with late payment fee. One should not make the minimum payment and keep revolving their payment due on the credit card. Pay off your card dues on time to avoid the finance charges.But in the case you need to take out cash in an emergency and even clear it off at the earliest, cash advances start attracting interest immediately and not after the billing date. You should also avoid taking cash advances on your credit card because it attracts the highest interest rate.For instance, banks waive off the annual fees from their credit card if the cardholder crosses a certain threshold limit within a period. If you use your credit card wisely, you do not need to pay all the credit card charges mentioned above.For instance, HDFC Bank credit cards charge monthly 3.49 per cent per month, which comes to an annual interest rate of 41.88 per annum. If you are revolving your credit, that is you pay only the minimum payment due, that charges that get added to your credit card are very high.However, some banks do not charge late payment charges if the statement balance is up to Rs 100. Late payment charges are attracted when the credit card holder makes his credit card payment after the due date. Late payment charges generally vary between Rs 100 and Rs 5,000, depending on the money you have borrowed and the statement balance.With cash advances, some credit cards also carry a finance charge of 2-3 per cent per month from the date of withdrawal, until the full payment is made.The charges are billed in the next credit card statement to the cardholder. The cash advance fees are generally around 2 to 3 per cent of the amount withdrawn or a minimum of Rs 500. In case of cash transactions like cash advance from an ATM using the credit card, cash advance fee is charged.The mandatory credit card charges include the annual or the renewal fee which ranges from Rs 500 to Rs 5000, depending on the type of card and the features it offers.ZCP is available in the following states. With ZCP the merchant keeps 100% of the savings. Our team takes all the necessary steps to set up a merchant’s account with the right parameters ensuring the merchant is in compliance from the very first swipe. ZCP automatically applies a fee whenever a credit card is swiped or entered so that the merchant gets back most, if not all, of its processing costs. Our patent-pending technology ensures regulatory compliance by determining whether a given card is a credit card or a debit card before the transaction is processed. Merchants are not permitted to impose a fee for the use of debit cards. ![]() This a fully compliant solution to take advantage of the new regulations which allow merchants to pass along credit card processing fees to consumers. New rules that became effective Januallow merchants to impose a fee for the use of credit cards. Zero-Cost Processing (ZCP) is a service designed to reduce the cost of credit card acceptance to zero-net-cost by adding a surcharge paid by the consumer.
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