There are many credit card companies and banks available in the market. Every bank is charging different interest rates on the amount borrowed. Normally it is between 12 to 15 percent on the amount which is being used. People sometimes use their credit card to transfer money from one account to another account. In this process many banks charge a small amount of transferring fee.
But there are also many banks that are providing free online transfer to any bank account. Therefore, those people who just need credit cards for the transfer of cash from one account to another account, prefers such companies who are providing free cash transferring facility.
Charges Deducted by Credit Card Companies
Every company in the market that is providing the facility of credit card is deducting different charges on every use of credit card. Keeping the point in mind, you should select such companies that are providing the minimum package of your desired facility.Try to understand the language of banking and find a best solution for your desire, so that you do not have to pay more or extra money. Banks and such companies are charging different fees, such as:
Annual Fee of Credit Card
There are many companies that are charging no annual fee for the credit card facility. But normally there is a very small fee for credit card. It is 20 to 40 dollars annually in many cases.
Cash Transfer Fee
More than 90 percent bank and such companies are charging 3 percent fee for cash transfer from one account to another account.