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  • If you cannot avoid delaying your repayments, at least repay the minimum amount due on your outstanding balance every month. This is because the late payment fees are generally very high, say around 15% of minimum payment due or 2.5% of the total outstanding balance. But remember, late payment fees are charged only after the interest-free period is over.

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  • * Once you inform the credit card company of the loss of your card, you will not be billed for the purchases made on your card thereafter. Then the liability of any purchases made on your card will lie with the company.
    * But you will be billed for any purchases made fraudulently on your card before you report its loss to the company.
    * Hence, it is very important you notify the respective department of the credit card-issuing institution about the loss of your card and make a note of the time, date and person you notified to. (As this would be the evidence on your part that you notified the company of the loss of your credit card.)

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  • If you default on your credit card payments or delay them, you will be charged an interest on a monthly or even daily basis on the outstanding amount which could prove extremely costly. Hence, it is recommended that you pay your credit card bills in time in order to enjoy the facilities that come with your card.

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  • Annual fee for a credit card is to be paid in advance. It is included into the first billing statement of your credit card by the card-issuing institution. It could be as low as nil or as high as Rs 10,000, depending on the type of card you own.

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  • Joining fee is the fee you need to pay once your credit card application is accepted by a card-issuing institution. This fee is decided by the issuing institutions, and also varies with the type of card. Many a time, these fees are waived in order to lure customers; it works to the advantage of both, the institution and the customer.

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  • It is a credit card that you can avail of and give it to your immediate family members (wife, son, daughter and parents). The bill of the supplementary card will be clubbed along with your bill and sent to you. Also remember, in case of default of payment by the supplementary cardholders you will be held liable for any outstanding dues

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  • In the event of the sudden or unexpected death of a cardholder, the responsibility of payment of the credit card bills is passed on to his/her spouse or parents. But under the credit shield feature, the outstanding debt on such card can be waived up to a certain limit.

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  • Through the purchase protection feature, a credit cardholder automatically gets insured against all items bought on the card. It includes faulty goods purchased, damaged goods and also cover for loss of goods by theft and fire.

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  • You need to fulfil the following conditions to own a credit card:

    * You must be at least 21 years old in order to apply for a credit card. (Also note that to get an add-on card or a student card, you must be at least 18 years old.)
    * You should have a minimum income level. This is the first thing a card-issuing bank will look into before issuing you a card. The minimum income level you require to have will change according to the type of card you apply for.
    * Credit card companies look for a regular and steady source of income. This gives them assurance that the cardholder will be able to repay the expenses incurred through the credit card.

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  • # When you receive your credit card always check that it is sealed and that the seal is not tampered with.
    # Sign on the back of your card immediately after receiving it.
    # At times, monitor your credit card account, either on the Internet or through call centres.
    # Subscribing to email and mobile alerts will make tracking of card usage easy for you. Wherever you use the card, always ensure that it is swiped in your presence.
    # Always keep track of your transactions while you travel, be it within or outside the country.

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