Default Charges
Most credit card companies have charges that will be applied if you do not keep your side of the agreement.
You will incur charges if you breach the agreement you have signed with your credit card company such as:
- making a late payment (i.e. failing to pay at least the minimum repayment by the date it is due, shown on your statement)
- going over your credit limit (i.e. spending more than has been agreed)
- if a payment is returned (e.g. if the cheque you have written to pay off your account bounces).
