ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Personal Finance News

Dormant credit card? What it is and why your bank may be charging you for this

Most banks are the issuer of the credit card to their customers, they levy a certain amount that is known as its maintenance charges. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Dormant credit card? What it is and why your bank may be charging you for this
Inactivity of your credit card also has a negative impact on your overall credit score. Photo: Pixabay

Credit card is one such financial tool which enables one to make easy and hassle-free transactions, whether it is payment of bills or leisurely purchases. However, there are certain terms and conditions that come packaged with the credit card, that one should be aware of. One of them is the inactivity of one's credit card. If you are a credit card holder and have been having your card lying dormant for quite some time, then chances are that your issuer, in many cases the bank, will charge you.  

Since most banks are the issuer of the credit card to their customers, they levy a certain amount that is known as its maintenance charges. These charges are nothing but service charges that the bank pulls out of the customer in lieu of the credit card services. Compared to debit card charges, the credit card charges that one needs to pay at the end of a fiscal year is higher. For example, wherein the largest public sector bank, the State Bank of India charges Rs 100 to Rs  300, subject to the type of debit card, it levies a whopping Rs 499 to Rs 4,999 in case of various credit card maintenance charges.

Meanwhile a private bank such as the HDFC Bank, it charges a minimal amount of Rs 150 to Rs 750, depending on the variant of debit card, whereas charges between Rs 500 to Rs 10,000 for annual maintenance of various credit cards. 

In the case of ICICI Bank, one needs to pay Rs 250 as annual maintenance for their debit cards. In case of credit cards with ICICI Bank, one is charges between Rs 499 to Rs 6,500 as annual maintenance, depending on the type of card

Moreover, if you have a savings account and credit card from the same bank, the bank is bound to deduct the amount from your savings account.

So, if you are a credit card holder, many banks will offer a waiver in the first year of the card issuer. You can escape from annual maintenance charges depending on the card that you have issued and the offers and benefits that come with it. If the benefits and offers are more, then chances are the annual fees are not taken into consideration. Inactivity of your credit card also has a negative impact on your overall credit score as well as is a potential open invite to frauds and illegal transactions. 

(By Ruchika Goswamy)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
State Bank of IndiaICICI BankHDFC BankCredit Card
Written By: ZeeBiz WebTeam
Updated: Mon, May 13, 2019
06:44 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Equitas Small Finance Bank shares hit new 52-week high – here’s why Equitas Small Finance Bank shares hit new 52-week high – here’s why
Buy SBI shares for January series, says expert; check what is working for govt-owned bank Buy SBI shares for January series, says expert; check what is working for govt-owned bank
What lies ahead for PSU Bank after sector surges 70% in 6 months – SBI, BoB, Indian Bank may still give up to 25% returns What lies ahead for PSU Bank after sector surges 70% in 6 months – SBI, BoB, Indian Bank may still give up to 25% returns
SBI Credit Card Users Alert! How new rules will affect you from January 1 - Check details SBI Credit Card Users Alert! How new rules will affect you from January 1 - Check details
SBI reported highest profit, brokerages praising financial performance: Chairman Dinesh Khara SBI reported highest profit, brokerages praising financial performance: Chairman Dinesh Khara

LATEST NEWS

US Stock Market: Nasdaq Composite, S&P 500 surge as Wall Street cheers Dovish Fed Chair remarks; Meta shares soar

Mahila Samman Saving Certificate: New small savings scheme for women announced in Budget 2023 | Check Where and How to Open Account, eligibility, interest rate, maturity, Tax benefits - All you need to know

Budget 2023: Electronic components industry body demands extension of duty concession on camera lens to other segments

Stock Market on Friday: Watch out for these 10 triggers that could impact movement in Sensex, Nifty

Analysts see up to 22% upside in Ashok Leyland shares after auto maker's strong Q3 performance, January sales

Filmmaker Kasinadhuni Viswanath dies at 92

Twitter to stop offering free access to its API from February 9

Ambuja Cement, ACC say no shares pledged by promoter Adani group

OPPO Reno 8T 5G launch today: Check specifications, features and other details

Vivo X90, X90 Pro Launch today: Check specifications, features, camera and other details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV