New Delhi, July 9 -- Credit cards are easy and convenient to use, but they have tax and other hidden fees. You can make better decisions and avoid wasteful spending by understanding late payment fees, GST, and over-limit charges.

If you do not make the minimum payment due, the bank will charge a late fee (generally between Rs.300 - Rs.1,000). Fines differ with each bank, and late fees may increase if you frequently do not pay, or if you have a greater amount owed in total.

Simply put, late payment fees serve two purposes.

Credit card companies in India must establish a fixed, slab-type rate of charges, rather than charging a percentage of your total balance owing. You will see the due date on the statements, and will have to make the m...