Credit cards fees you should know

Credit consolidation,brings more convenience to users, but many still wonder about the fees for using the card. If not aware of the principles of the Bank's fee, the card holder can find themselves paying more ridiculous charges. The credit card holder must pay a basic fee: 2 types of fee and annual fee card. Each option, each issuing bank fees is usually 100,000-200,000 VND. Some banks issuing cards, free or reduced fees to encourage customers to open the card.



The main function of the credit card is to pay when buying goods, services. If the cardholder uses the card to spend and payment of the credit limit, the Bank will not be collecting any fees. Fees of 3-5% on the value of the payment will be collected by bank and credit check companies accept unit. In foreign countries, the rate of profit of the retail industry is usually large (about 20%), and ratio of people are paying with credit cards as well as high social trend, so most sellers accept this fee. But in Vietnam, the rate of profit of some sectors still low so many cases of people selling currency back to the buyer's fees of 2-3% if paid by credit card.

This is the principle of making the unit accepts the card, the Bank usually has a fine regulation if the seller violates this. Card users should ask the Bank's regulations when open registration cards to avoid the cases being charged ridiculous. Some banks have a promotional incentive for customers to use credit cards for payment at the unit to accept the card as a partner of the Bank. When using a credit card to withdraw cash at the ATM, POS, the card holder will be charged on banks that amount at the rate of 3-5% depending on the brand and where cards to withdraw money.

In addition, this credit card debt consolidation amount being charged interest according to the interest the Bank announced withdrawal from the day to day pay off debt; and there may be currency conversion fees. How to charge so high is because the Bank does not encourage the credit cardholder to use the card to withdraw cash.

Monthly, to the window, the Bank will total the amount spent by the customer's credit card and sent recorded statements 1 the amount used during the month. The customer must pay this amount within 15 days.

If the time limit, the customer will have to pay interest to the Bank on the amount slowly charged and subject to a fine, usually 3-4% on the amount slowly charged. Because of the relatively high fines should use credit card billing statements that need attention on time. In addition, the credit card fees prescribed by the Bank for the services related to the use of the card.