Credit cards can be great for making purchases and earning potential rewards. At the same time, it also helps in building your credit history. However, there is no such thing as ‘free credit card’. Being a type of borrowing, credit cards also come with various terms and conditions. Most of the users only look at the annual fee of the card but there are several other credit card fees and charges which should also be considered.
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1- Annual Maintenance Charge
This is popularly known as ‘annual fee’ and is not really a ‘hidden’ charge. The annual fee is charged once in a year and the amount varies card to card. Sometimes, banks offer free credit cards which means that there will be no joining fee or annual fee on the card for a certain time period or for a lifetime.
|What to Watch Out For? When you are offered a ‘free’ credit card, you must confirm with the bank whether the card will remain free of annual maintenance charges for a lifetime or just for a few years.|