Can Credit Card fees be avoided – do this remedy: There is one such option in the current era which comes in handy when we need a loan immediately. Many banks and financial institutions that offer credit cards know very well that earning high interest can be earned from credit cards.
This is the reason why most banks keep fees and interest on their credit cards very high. However, it is also true that most banks keep many of their fees hidden.
There are mainly three types of fees on the card.
- Annual maintenance fee
- Surcharge i.e. fee for non-payment of money on time
- Interest on loan amount
Now all three of them discuss reducing the fees. All these three fees can be reduced in a way, but for this we have to first understand the structure of the annual fee charged by the bank.
Annual fee
Banks charge a fee in exchange for the maintenance of their credit cards and debit cards or, for that matter, permission to issue and use the card. This fee varies from card to card. It depends on the usefulness of the card. If you have a Platinum card, then there can be a fee of 500 to 700 rupees on it. Similarly, if there is a gold or silver card, then there can be a fee of Rs 300 to Rs 500 on it. First of all, a card holder should talk to the bank about the fees charged annually. The bank also reduces this fee according to the conversation and the utility of the customer.
Surcharge means fee for not paying money on time
This fee is levied when the customer is unable to repay the loan amount on time. This amount can be reduced on the basis of customer interaction. In this, the bank reduces this amount to woo the customer and stay with the bank for a long time. This also does not affect the credit line of the customer.
Interest on loan amount
The interest on the loan amount can also be reduced by the customer on the basis of negotiation with the bank. This can be done with the help of the bank manager and customer relation officer of the customer. In this, a customer has to contact the customer manager of his bank. Make an application. After applying, talk to the customer manager. By doing this the bank can reduce the interest on the loan amount.
