ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Credit card charges include annual maintenance charges, GST, over-limit fees, late payment charges, hefty interest rates on outstanding balances, charges on cash withdrawals, fees on foreign transactions, etc.

Detailed explanation-2: -The most common type of finance charge is the interest that you’re charged if you don’t pay off your credit card balance in full every month. Most other fees are usually flat fees, such as annual fees or late fees. Some credit cards may charge flat fees for cash advances or balance transfers, too.

Detailed explanation-3: -The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit.

Detailed explanation-4: -Annual fee. Interest charges. Late payment fee. Foreign transaction fee. Balance transfer fee. Cash advance fee. Over-the-limit fee. Returned payment fee.