Check these 10 items in your Credit Card statement! Reveal hidden charges from banks
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Keeping an eye on hidden charges from banks in your credit card statement is very important. Often, you may encounter unexpected fees that can affect your financial management. In this article, we will discuss 10 crucial things to check in your credit card statement.
1) Minimum payment check: Review the minimum payment amount listed in your credit card statement. If you only pay this minimum, the bank may impose extra charges in the form of interest.
2) Late fees: If you fail to make your payment on time, the bank could add late fees. Therefore, it’s important to pay close attention to the payment due date and ensure you make your payments punctually.
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3) Additional charges: If you exceed your credit card limit, the bank might impose an over-limit fee, which can sometimes be concealed in the statement.
4) Interest rates: It’s crucial to verify whether you are being charged interest and if the interest rate applied is accurate. Some banks may have higher interest rates than expected.
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5) Transaction fees: Banks often impose extra fees on international transactions, which can be hidden, so it’s wise to examine them closely.
6) Cash advance fees: Withdrawing cash using your credit card may incur a cash advance fee, which can be substantial, so it’s best to avoid it if possible. If you notice any such charges on your statement for services you didn’t use, you should promptly report it to the bank.
7) Reward points: If your credit card offers a reward points program, it’s essential to verify that the correct number of points has been credited to your account. Errors in reward point allocation can occur.
8) Annual fee: Some credit cards come with an annual fee. This fee might not be immediately obvious in your statement, so make sure to look for it carefully.
9) Offers and Discounts: Banks often advertise benefits through various offers in their statements. However, these offers can sometimes come with hidden fees. Therefore, it’s important to fully understand the details of these offers.
10) EMI Charges: If you have converted any purchase into an EMI payment plan, be sure to check for any extra charges or interest associated with it in your statement.
