Types of Charges Involved with Credit Card Transactions - Credit card is one of the best facilities, which stays with you all time and you have easy cash access anywhere in the world. It means if you are onsite and need cash, you can always access the credit cards india to enjoy this facility. But, you should be staying aware of the other charges that might be related to your card. Following charges are applied by various entities involved in the credit card transaction:
Currency conversion fee: Whenever you use your credit card for a foreign transaction then, there will be a conversion fee in the range of 1 to 2 per cent. This fee will be levied on you and will be added to the outstanding amount of credit card.
Overseas transaction charge: Whenever a foreign transaction takes place through your card, the issuing bank levies a transaction fee in the range of 2.5 to 3.5 per cent of the transaction amount.
Cash withdrawal fee: As you are already aware that cash withdrawal through a credit card is costly even in India, so it will be costly overseas too. On availing the facility of cash withdrawal in foreign currency, your respective bank will apply few of the additional charges, which may vary from bank to bank. It will be in addition to local cash withdrawal charges.
In order to avoid any type of hassle in future, you can enquire with the customer care of the bank regarding this data. They will tell you the applicable charges, credit card fee beforehand and also tell you other related terms and conditions. You can use this data to do the cost benefit analysis of using your credit card for foreign transaction. You should be staying well informed about each and every feature and fee related to the card you are using. Thank you for coming to website for read post about Types of Charge Involved with Credit Card Transactions. Hope to see you comeback again.
