Many people don’t know that credit card fees can be avoided with a bit of planning and attention.
In the case of the Canara Bank credit card, although there are some common fees, there are simple ways to avoid them and ensure you make the most of your credit limit without worrying about extra charges.
Pay Your Bills on Time
- Avoid Interest and Late Fees
- One of the most effective ways to avoid credit card fees is by always paying the bill on time. When you pay the full amount, no interest is charged on the outstanding balance. Additionally, late payments can result in a penalty fee, which significantly increases the total amount you owe.
- Tip: Set up due date reminders in the bank’s app or on your phone so you never miss a payment deadline..
Take advantage of the Annual Fee Exemption
- Take Advantage of Annual Fee Waiver Offers
- The Canara Bank credit card offers an annual fee waiver in certain cases. This may depend on conditions such as meeting a minimum monthly spending threshold or utilizing specific bank benefits. If you achieve these targets, you may qualify for an annual fee exemption.
- Tip: Regularly check the bank’s offers and speak with your manager to ensure you are taking advantage of the best possible conditions.
Avoid Cash Withdrawals
- Avoid ATM Withdrawal Fees
- When you withdraw cash using your credit card, the bank may charge a significant fee. Additionally, the withdrawn amount is subject to high-interest rates. Avoiding the use of credit for cash withdrawals can save you a lot of money in the long run.
- Tip: If you need cash, opt for using a debit card or explore other payment methods.
Be Cautious of Foreign Currency Conversion Fees
- Avoid Fees When Using Your Card Abroad
- If you use the Canara Bank credit card for international purchases, you will be charged a foreign currency conversion fee. To avoid this fee, prefer to use your debit card when traveling or look for alternatives such as credit cards with benefits for international purchases.
- Tip: Ask your bank about specific cards that offer lower rates or waived fees for international purchases.
Don’t Exceed Your Credit Limit
- Avoid the Fee for Exceeding the Limit
- One of the easiest fees to avoid is the fee for exceeding your card limit. If you exceed your credit limit, the bank may charge you an additional fee. It is important to always monitor your spending and ensure that you do not exceed the available limit.
- Tip: Set spending alerts in the bank app and regularly monitor your limit.
Use Exclusive Benefits
- Take advantage of benefits to avoid fees
- Many cards, such as Canara Bank, offer exclusive benefits to those who use the card actively and within certain criteria. This includes exemption from fees and other benefits that can reduce the cost of maintaining the card.
- Tip: Pay attention to the bank’s promotions and take advantage of them to ensure maximum benefits, such as exemption from annual fees or reduced rates.