NEWS & ADVICE : CREDIT CARDS
Cautions to be taken while using a credit card
By Ankit Sharma
Oct 7, 2010
Print    Email    RSS   

The rising number of credit card frauds have created havoc in the form of massive tools of financial destruction. Constant reminders from agencies and credit card companies have still failed to keep the users informed about the terms and conditions and precautions to be taken while using the card.

People are somehow unable to keep themselves aware of the charges and terms associated with the card and often find themselves having charged with bills more than their estimation.

Such mistakes can however be avoided. A simple and easy way to do so is to read carefully the Most Important Terms and Conditions (MITC) list, which is put up on the card issuers' website. It contains details of all charges including the common finance and late payment charges.

For example, many people are unaware that if they use their credit card to withdraw cash from ATMs, then an upfront fee of 2.5% of the amount withdrawn is chargeable by the bank.

Similarly, people should also be aware that if they have another account with the credit card issuing bank and they do not pay their credit card bills on time, then it is legalised for the bank to debit the money from that account in order to clear the credit card outstanding amount wven without the approval or consent of the card/account holder.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Privileged banking: make the customer feel...
Spoiled credit history? - Get a secured...
Know the Reasons for Rejection of a Credit...
Understand Your Credit Card Statement
Petro Cards 101: A detailed guide


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive