Is there any other hidden charge if I use a Lifetime Free credit card?
While Lifetime Free credit cards typically don’t have annual fees, it’s essential to be aware of potential hidden charges and fees associated with credit card usage. These can include:
- Interest Charges: If you carry a balance on your credit card by not paying the full outstanding amount by the due date, you’ll be charged interest. The interest rate varies among credit cards and can be substantial if not managed properly.
- Late Payment Fees: Failing to pay at least the minimum amount due by the due date can result in late payment fees. These fees can add up quickly and negatively affect your credit score.
- Overlimit Fees: If you exceed your credit limit, some credit cards may charge an overlimit fee.
- Cash Advance Fees: If you use your credit card to withdraw cash from ATMs, you may incur cash advance fees and higher interest rates than regular purchases.
- Foreign Transaction Fees: If you use your credit card for transactions in foreign currencies or outside your home country, you may be subject to foreign transaction fees, which are a percentage of the transaction amount.
- Duplicate Statement Fees: Requesting additional or duplicate statements might result in fees.
- Card Replacement Fees: If your credit card is lost or stolen and you need a replacement, some banks charge a fee for this service.
- Balance Transfer Fees: If you transfer a balance from another credit card to your Lifetime Free credit card, there may be a balance transfer fee.
- GST (Goods and Services Tax): GST will apply to certain fees and charges associated with credit cards.