Is it legal to charge credit card fees to customers in India?

merchant establishments levy fee as a percentage of transaction value as charges on customers who are making payments for purchase of goods and services through cards. Such fees are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants…”

How do I avoid extra charges on my credit card?

How to Avoid Finance Charges. The easiest way to avoid finance charges is to pay your balance in full and on time every month. Credit cards are required to give you what’s called a grace period, which is the span of time between the end of your billing cycle and when the payment is due on your balance.

What fees do credit cards charge?

8 common credit card fees

• Annual fee.
• Interest charges.
• Late payment fee.
• Foreign transaction fee.
• Balance transfer fee.
• Cash advance fee.
• Over-the-limit fee.
• Returned payment fee.

Why do credit cards charge extra?

Part of the reason why surcharges have been allowed is that businesses themselves are charged when they accept credit cards. These fees on businesses generally range from 1\% to 3\% of every transaction. (Fees for debit cards may be lower than credit card fees.) Businesses may also pay per-transaction costs.

Why is my credit card bill so high?

You’re charging more: If your issuer is taking a percentage of your outstanding balance to calculate your minimum payment, charging more will cause this figure to rise. You’re incurring fees: Habitually paying your credit card bill late could also cause your minimum payment to skyrocket.

Why am I charged an international transaction fee?

An international transaction fee is charged to you, the consumer, by your credit card company whenever you buy something in a foreign currency. And while most of these charges are applied to travelers, they can also be added to your credit card bill when you make a purchase online from a foreign vendor.

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