The rising number of credit card frauds have created havoc in the form of massive tools of financial destruction. Constant reminders from agencies and credit card companies have still failed to keep the users informed about the terms and conditions and precautions to be taken while using the card.

People are somehow unable to keep themselves aware of the charges and terms associated with the card and often find themselves having charged with bills more than their estimation.

Such mistakes can however be avoided. A simple and easy way to do so is to read carefully the Most Important Terms and Conditions (MITC) list, which is put up on the card issuers' website. It contains details of all charges including the common finance and late payment charges.

For example, many people are unaware that if they use their credit card to withdraw cash from ATMs, then an upfront fee of 2.5% of the amount withdrawn is chargeable by the bank.

Similarly, people should also be aware that if they have another account with the credit card issuing bank and they do not pay their credit card bills on time, then it is legalised for the bank to debit the money from that account in order to clear the credit card outstanding amount wven without the approval or consent of the card/account holder.