Credit card companies lure customers into buying a credit card by offering it free of cost. Customers, many a time believe that if there is no cost involved in buying it, why not have it? So even if I have a card(s) sufficient to take care of my needs, I will opt for another one just because there is not cost associated to it. Here you stand corrected. There are various charges that come with a credit card usage let on alone the annual charges.
Joining and annual fee:
In order to entice customers into buying a credit card, many credit card companies offer credit cards free of cost i.e. no joining fees and perhaps exemption from annual fee for a particular period say 1 year after which they will start charging an annual fee.
The joining and annual fee could range from Rs. 1,000 - Rs. 3,000 depending on the type of card.
Images: Reuters/AFP
Also see: The wild, wild world of credit cards
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