Having a credit card is a convenience, but it can also be a source of frustration when unexpected charges appear. Your Axis Bank credit card statement may include unforeseen fees, but with a little care and knowledge, you can avoid them.
In this article, we will explore the main ways to avoid these unwanted fees and better manage your credit card.
Understand Common Axis Credit Card Fees
Before you can avoid fees, it’s important to know what the common fees are that might show up on your statement. Axis Bank charges several typical fees that credit cardholders may incur:
- Late Fee: If you don’t pay the minimum due by the due date.
- Interest Charges: If you don’t pay the full statement balance.
- Foreign Transaction Fee: Applied when using your credit card outside India.
- EMI Conversion Fee: If you opt for converting the bill into EMIs.
Knowing about these fees is key to avoiding surprises.
Pay Your Full Statement Balance
One of the most effective ways to avoid fees on your statement is by paying the full bill on time. When you only make the minimum payment, the rest of the balance accrues interest, leading to a growing debt.
Tip: Whenever possible, pay off your entire bill. This will help you avoid accumulating interest and keep your credit healthy.
Stay Aware of the Statement Due Date
Missing the payment deadline can lead to late fees, which can be quite detrimental. Axis Bank charges a significant late fee if the payment is overdue. To avoid this:
- Set Reminders: Use your phone or bank’s notification system to remind you of the due date.
- Automate Payments: Set up automatic payments to ensure you never miss a due date.
Understand Foreign Transaction Fees
If you use your Axis credit card for purchases abroad, you may incur additional charges. The foreign transaction fee is generally applied to each purchase made in a currency other than Indian Rupees. To avoid this fee:
- Consider Alternatives: Use cards with no foreign transaction fees or opt for payments in local currency.
- Check Exchange Rates: Some payment platforms offer better exchange rates.
Regularly Monitor Your Expenses
Another way to avoid surprises on your Axis credit card statement is by regularly monitoring your expenses. This allows you to quickly spot any unexpected charges.
- Use the Axis Bank App: Keep track of your spending directly through the app.
- Review Your Monthly Statement: Before making the payment, check every transaction and dispute any charges you don’t recognize.
Request Removal of Incorrect Charges
If you find an incorrect or unauthorized charge, contact Axis Bank immediately. The bank may be able to reverse the charge or correct the error.
Tip: Always keep records of your communication with the bank and note all the details of the disputed charge.