Having a credit card in your wallet has become a trend. A credit card helps you shop or pay with no cash and, even with no account balance at times. While credit cards help you spend hassel free on your expenses, they possess some charges as well. Credit cards not only help you pay for your shopping or purchases, they also offer many discounts and deals. HDFC Bank has various types of credit cards for its customers. 

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In the wake of the increasing popularity of payment wallets, banks are announcing new debit and credit card-related offerings. Also, if used responsibly, a Credit Card can help you build a good credit history, also allowing you to get loans at favourable Interest Rates. 

According to HDFC Bank Website, here’s a quick guide to the 5 things you sure need to know about your HDFC credit card -

1. Easy EMIs: The bank has a tie-ups with number of merchants across country and the customers can avail for easy EMIs accordingly. Easy EMIs are built to provide minimum or no extra cost EMI to customers. While EMI options may differ from customer to customer or card to card. 

2. Annual Percentage Rate (APR): The APR is a source that tells you how much interest you would be charged on your credit card outstanding every year. Most credit card companies like to show a monthly credit card Interest Rate, but in order to make it simple, they have to show the annual credit card Interest Rate, showing the compounding effect on the interest from previous months.

3. Balance Transfer Fee: A balance transfer fee is the amount that you will be charged for transferring balance from one credit card to another. This amount is usually charged in the form of a percentage of the total amount being transferred, while currently HDFC Bank charges 1.10% as balance transfer fee.

4. Late Payment Fees: As a credit card holder, if you do not make the minimum payment on your credit card which is 5% of statement balance by due date or time on your bill, you will be subjected to a late payment fee. This late payment fee is usually standardised across nation, depending upon bank to bank.

5. Minimum Repayments: As the name suggests, it is repaying the very least amount on your debt each month which is 5% of statement balance. In case the customer fails to pay this payment, it will lead to a late payment charge and the risk of damaging credit card rating

The credit cards should be used for the minimum usage, as it default in payments can lead to hefty charges sometimes. While the charges and fees depends on bank to bank and cards to cards. One should check with all the terms and conditions before applying for a credit card.