Annual Fees
High-reward cards and those designed for individuals with less-than-good credit often come with annual fees. These fees can range from ₹500 to ₹5,000 or more, depending on the card’s benefits and features.
Cash Advance Fees
When you use your credit card to withdraw cash from an ATM, issuers typically charge a cash advance fee. This fee usually ranges from 2% to 5% of the withdrawn amount, with a minimum fee of ₹100 to ₹500. Additionally, cash advances often incur higher interest rates and may not have a grace period, meaning interest starts accruing immediately.
Experian Credit Report
Balance Transfer Fees
Transferring debt from one credit card to another to take advantage of lower interest rates usually incurs a balance transfer fee. This fee typically ranges from 3% to 5% of the transferred amount, with a minimum fee of ₹200 to ₹1,000. Some cards may offer promotional periods with reduced or waived fees.
Late Payment Fees
Failing to make the minimum payment by the due date can result in a late payment fee. These fees typically range from ₹500 to ₹1,500. It’s important to note that while some issuers may waive the first late fee or offer a grace period, late payments can still negatively impact your credit score.
