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<ul class="summary-list"><li>Carnival's CEO said a fuel surcharge is "certainly not off the table" during an earnings call.</li><li>He said it's not something the company is planning on doing imminently, however. </li></ul>If you think <a target="_blank" href="https://www.businessinsider.com/gas-prices-will-go-up-before-costs-go-down-outlook-2023-9">filling up your car's tank is expensive</a>, imagine the gas bill for 80-plus cruise ships.Just like the rest of us, Carnival Corporation is <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-gas-prices-hit-highest-seasonal-level-decade-inflation-fears-2023-9">spending a lot of money on fuel</a> nowadays — and cruise passengers could end up paying extra for it.To help offset <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-prices-wti-energy-record-brent-gas-opec-russia-energy-2023-9">soaring oil prices</a>, cruise lines and <a target="_blank" href="https://www.businessinsider.com/fuel-surcharge-fee-airplane-ticket-prices-2016-8">airlines can charge passengers</a> fees known as fuel surcharges.Carnival CEO Josh Weinstein said Friday that a surcharge is "certainly not off the table."Carnival said it expected a net impact of $130 million in the fourth quarter due to rising fuel costs and unfavorable currency exchange rates. Weinstein said there had only been one other period in the last 15 years that the company's fuel costs had reached current levels."There are certainly considerations that have to be made about what's the norm in society with the expectations of our customer," Weinstein said. He said a fuel surcharge wouldn't be implemented in the near term, and it would only impact future bookings, rather than applied retroactively.A Carnival spokesperson said the company has nothing to add beyond what Weinstein said on the third-quarter earnings call.Carnival reserves the right to charge a "fuel supplement" fee of up to $9 per person per day without prior notice if the price of crude oil rises above $70 per barrel, according to Carnival's contract of carriage, the legal agreement passengers sign when purchasing a ticket. Carnival can charge the fee at the time of sailing, even if the fare has already been paid in full, the contract says.Oil prices have exceeded that $70 benchmark for the majority of this year. As of Monday afternoon, the price of crude oil was listed at around $90 a barrel on the New York Mercantile Exchange Index.While charging customers a fee would be a temporary fix to help offset rising fuel costs, Weinstein said the cruise giant's long-term goal is to reduce overall fuel consumption, an effort he said saved Carnival $375 million this year."We continue to work aggressively to manage fuel costs the best way possible by consuming less," he said on the Friday earnings call. "I know this is stating the obvious, but not only is this effort benefiting our bottom line by hundreds of millions of dollars, it's also better for the environment."

Carnival CEO says charging passengers an extra fee to help cover rising fuel costs is 'certainly not off the table' 

The <a href="http://www.businessinsider.in/searchresult.cms?query=Competition+Commission+of+India">Competition Commission of India</a> has imposed multi-crore penalties on <a href="http://www.businessinsider.in/searchresult.cms?query=Jet+Airways">Jet Airways</a>, Indigo and SpiceJet. The Commission claims the private airlines acted as a cartel and <a href="http://www.businessinsider.in/searchresult.cms?query=fixed+fuel+surcharge">fixed fuel surcharge</a> (FSC) on cargo transport. 
 
CCI has imposed a penalty of Rs. 151 Crores, 63 Crores and 42 Crores on <a href="http://www.businessinsider.in/searchresult.cms?query=Jet+Airways">Jet Airways</a>, Indigo and SpiceJet respectively. 
 
"Considering the precarious financial position of airlines, the penalty has been imposed by the Commission at 1% of their average turnover of the last three financial years," <a href="http://www.businessinsider.in/searchresult.cms?query=Competition+Commission+of+India">CCI</a> said in an official statement on Tuesday. 
 
"The airlines acted in parallel in collusion in fixing FSC rates. Such conduct was found to have resulted in indirectly determining the rates of air cargo transport and thereby in contravention of the Competition Act," <a href="http://www.businessinsider.in/searchresult.cms?query=Competition+Commission+of+India">CCI</a> said. 
 
However, <a href="http://www.businessinsider.in/searchresult.cms?query=Competition+Commission+of+India">CCI</a> has not imposed any penalty on Air India and Go Airlines. 
 
Image credit: Indiatimes

CCI hauls up Jet, Indigo and Spice over fuel surcharge agreement

<ul><li>A single <keyword id="5998944" type="UNKNOWN" weightage="20" keywordseo="bitcoin-transaction">Bitcoin transaction</keyword> can burn through 1752.79 KWh of electrical energy on average.</li><li>That is the same amount of electricity needed for 1.2 million VISA transactions.</li><li>New blockchain platforms are pitching ‘proof of stake’ as a possible solution to lower the load.</li></ul>The biggest argument against <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> in the market right now is that it consumes too much energy. And, now we know just how much. According to Digiconomist’s <a href="https://digiconomist.net/bitcoin-energy-consumption/">Bitcoin Energy Consumption Index</a>, a single <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> transaction can consume up to 1752.79 kilowatts hours (KWh) of electrical energy on average to complete. This is equal to the amount of energy consumed by 1.2 million VISA transactions. VISA <a href="https://www.fool.com/the-ascent/research/credit-debit-card-market-share-network-issuer/">powers</a> about 42% of the world’s credit market, making it one of the largest payments providers in the world, alongside Mastercard, Discover and American Express. And even its carbon footprint is smaller. And, Bitcoin’s carbon footprint — the amount of greenhouse gases generated by mining for the cryptocurrency — is the equivalent of watching 138,762 hours of YouTube or, coming back to VISA, 1.8 million transactions. Over the span of a year, the amount of power Bitcoin mining ends up consuming is about the same as all of Sweden. But, unlike Sweden — where nearly half of the energy produced comes from renewable sources — Bitcoin rigs are currently centered in countries where the primary source of electricity generation is the burning of fossil fuels like coal. According to the report, if Bitcoin was a country, it would account for 3.2% of the total energy consumption in the US. <cmsannotation type="cmsannotation" annotationid="Countries are banning Bitcoin mining to deal with the already worsening demand for energy" comment="subhead" text="Countries are banning Bitcoin mining to deal with the already worsening demand for energy">Countries are banning Bitcoin mining to deal with the already worsening demand for energy</cmsannotation> Energy is already a scarce resource. According to the International Energy Agency (<a href="https://www.iea.org/reports/global-energy-review-2021?mode=overview">IEA</a>), electricity demand is heading for its fastest growth in more than a decade. This is why countries like China don’t want Bitcoin mining operators within their borders. The authorities <a href="https://www.aljazeera.com/economy/2021/5/26/bbchinas-latest-crackdown-on-crypto-caused-by-surge-in-coal-mini">cited</a> environmental concerns as the reason for their most recent series of crackdowns on the crypto industry. The same rationale was also used by Tesla CEO Elon Musk, when he announced that customers could no longer pay for a new car using Bitcoin. Kazakhstan — China’s neighbor and a country where Chinese Bitcoin miners were hoping to set up shop after being kicked out — isn’t too pleased with the amount of energy Bitcoin uses up either. The government brought in a new law earlier this month imposing a ‘surcharge’ on those consuming electricity for crypto mining. Iran, which accounts for 4.5% of all Bitcoin mining, also announced a summer ban on cryptocurrency mining in the face of blackouts and power outages. <cmsannotation type="cmsannotation" annotationid="Cryptocurrencies are trying to get ahead of the problem" comment="subhead" text="Cryptocurrencies are trying to get ahead of the problem">Cryptocurrencies are trying to get ahead of the problem</cmsannotation> Not every country is going down the ‘ban’ route. Others have said they want to provide clean energy for mining crypto. El Salvador — which will start accepting Bitcoin as legal tender in September — <a href="https://www.npr.org/2021/06/11/1005231250/el-salvador-plans-to-use-electricity-generated-from-volcanoes-to-mine-bitcoin">wants</a> to use the country’s volcanoes to provide energy for crypto miners. In April, the crypto industry also announced the creation of the Crypto Climate Accords (<a href="https://www.businessinsider.in/cryptocurrency/news/what-is-the-crypto-climate-accord/articleshow/83946286.cms">CCA</a>) to develop sustainable solutions for mining worldwide. But, the energy source is only one part of the problem. Switching out Proof of Work (PoW) for Proof of Stake (PoS) could reduce the amount of energy cryptocurrencies need to operate in the first place. <cmsannotation type="cmsannotation" annotationid="What is Proof of Work (PoW) in Bitcoin mining?" comment="subhead" text="What is Proof of Work (PoW) in Bitcoin mining?">What is Proof of Work (PoW) in Bitcoin mining?</cmsannotation> One of the primary reasons for Bitcoin’s high energy consumption is that there is no barrier to entry — if you can build a powerful enough mining rig, you can become a Bitcoin miner. Every Bitcoin transaction that happens creates a ‘block’ on the network. And, that’s where miners come in. In order to authenticate the transaction, miners have to solve a mathematical equation by a ‘number guessing game,’ which is performed by computers. And, computers all over the world are racing against each other. Whoever gets there first is rewarded with new Bitcoins for correctly guessing the number. The more powerful the computer, the faster it will solve the equation and authenticate the transaction. This process is called ‘Proof of Work’ (PoW). The problem is that there’s a lot of computers churning away, but only one winner. So, the industry came up with ‘Proof of Stake’ (PoS) to try and lighten the load. <cmsannotation type="cmsannotation" annotationid="How does Proof of Stake (PoS) reduce energy consumption?" comment="subhead" text="How does Proof of Stake (PoS) reduce energy consumption?">How does Proof of Stake (PoS) reduce energy consumption?</cmsannotation> The system is known as Proof of ‘Stake’ because miners have to put their crypto on the line to be eligible for rewards. And, blockchain platforms like the Binance Smart Chain and the upcoming Ethereum 2.0 platform already use this. To get a stake, miners approach whales and other larger financiers. It’s kind of like an auction combined with a lucky draw. Only the winners have to spend energy solving the mathematical puzzle to authenticate a transaction. For instance, the Binance Smart Chain rewards only the top 21 miners on the network for validating a transaction. If they make a mistake while validating a transaction, the ‘stake’ they put up as collateral gets fined. In the end, the PoS model claims to reduce energy consumption by almost 99% as compared to PoW. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/south-korean-banks-are-finding-a-way-to-hold-onto-cryptocurrencies-without-having-to-touch-the-asset-itself/articleshow/84349075.cms">South Korean banks are creating custody companies to deal with cryptocurrencies — without having to touch the asset itself</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvador-became-the-first-country-to-accept-bitcoin-as-legal-tender/articleshow/84343294.cms">El Salvador’s crypto-friendly plans are facing some important questions</a> <a href="https://www.businessinsider.in/cryptocurrency/news/the-world-bank-imf-and-bis-push-for-central-bank-cryptocurrencies-to-improve-cross-border-payments/articleshow/84345332.cms">The World Bank, IMF and BIS push for central bank cryptocurrencies to improve cross-border payments</a>

A single Bitcoin transaction has a bigger carbon footprint than 100,000 hours of YouTube videos — here’s how the crypto industry wants to fix that

The <keyword id="6355040" type="General" weightage="20" keywordseo="gst-council" source="Orion">GST Council</keyword> might on Friday consider taxing petrol, diesel and other petroleum products under the single national <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The <keyword id="51646" type="General" weightage="80" keywordseo="council" source="Orion">Council</keyword>, which comprises central and state <keyword id="25455" type="General" weightage="20" keywordseo="finance" source="Orion">finance</keyword> ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high <keyword id="118120" type="General" weightage="20" keywordseo="Petrol-and-diesel" source="Orion">petrol and diesel</keyword> rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output). In June, the Kerala High Court, based on a writ petition, had asked the GST Council to decide on bringing petrol and diesel within the goods and services tax (GST) ambit. The sources said bringing petrol and diesel within GST would be placed before the Council for discussion in the light of the court asking the Council to do so. When a national GST subsumed central taxes such as excise duty and state levies like VAT on July 1, 2017, five petroleum goods - petrol, diesel, ATF, natural gas and crude oil - were kept out of its purview for the time being. This is because both central and state government finances relied heavily on taxes on these products. Since GST is a consumption-based tax, bringing petro products under the regime would have mean states where these products are sold get the revenue and not ones that currently derive the most benefit out of them because of they being the production centre. Simply put, Uttar Pradesh and Bihar with their huge population and a resultant high consumption would get more revenues at the cost of states like Gujarat. With central excise and state VAT making up for almost half of the retail selling price of petrol and diesel currently, levying GST on them would mean charging a peak rate of 28 per cent plus a fixed surcharge going by the principal of the new levy being equal to the old taxes. Tax experts said bringing petro products under GST will be a tough call for both the Centre and states as both will stand to lose. The BJP-ruled states like Gujarat will be a loser even if a product like natural gas is brought under GST as it gets a lot of revenue from taxing the local production and import of the fuel (LNG). The Centre will also lose as the majority of the Rs 32.80 per litre excise duty on petrol and Rs 31.80 on diesel is made up of cesses, which it does not share with the states. Under GST, all revenues will be split 50:50 between the Centre and the states. The GST Council, chaired by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, in its September 17 meeting could also discuss the modalities of continuation of compensation cess beyond June 2022. This is the first time in 20 months that the GST Council will have a physical meeting. The last such meeting was on December 18, 2019, before the COVID-19-induced lockdowns. When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of the central and state governments on this sector. This meant that the central government continued to levy excise duty on them while state governments charged value-added tax (VAT). These taxes, with excise duty, in particular, have been raised periodically. While the taxes have not come down, a spike in global oil prices on demand recovery has pushed petrol and diesel to an all-time high, leading to demand for them to come under the GST. Including oil products in GST will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on the fuels in the country. The Council, in its 45th meeting on Friday, would also consider extending the duty relief available on COVID-19 essentials. The previous Council meeting was held via videoconferencing on June 12 during which tax rates on various COVID-19 essentials were reduced till September 30. Goods and services tax rates were slashed on COVID-19 drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, and oxygen concentrators other COVID-19 essentials. With regard to compensation cess, the Council is likely to discuss the modalities for continuing of levy of cess on sin and demerit goods. The amount collected would be passed on to the states for loss in revenue on account of GST. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-to-check-your-bank-account-balance-using-whatsapp-pay/articleshow/86198586.cms">Here’s how to check your bank account balance using WhatsApp Pay</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/tata-steel-commissions-first-ever-plant-in-jamshedpur-to-capture-carbon-dioxide/articleshow/86197713.cms">Tata Steel commissions first ever plant in Jamshedpur to capture carbon dioxide</a>

GST Council may consider bringing petrol, diesel under GST on September 17

<div class="KonaFilter image-container display-table lead-image-small"><div><div class="image on-image">Sean Gallup / Getty Images</div></div></div><ul class="summary-list"><li>Several <a href="https://www.businessinsider.com/best-chase-card">Chase credit cards</a>, including the <a href="https://thepointsguy.com/card-hub/chase-sapphire-reserve/?utm_campaign=bi_10182019_cl_emirates-chase&amp;utm_source=referral" rel="nofollow">Chase Sapphire Reserve</a> and <a href="https://thepointsguy.com/card-hub/chase-sapphire-preferred-card/?utm_campaign=bi_10182019_cl_emirates-chase&amp;utm_source=referral" rel="nofollow">Chase Sapphire Preferred Card</a>, earn <a href="https://www.businessinsider.com/guide-earning-using-chase-ultimate-rewards-points">Ultimate Rewards points</a>, which you can transfer to airline and hotel <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> partners.</li><li>While Chase's rewards program is among the most valuable, it's made updates in response to other programs like Amex Membership Rewards and Capital One adding new travel partners.</li><li>Most recently, <a href="https://www.businessinsider.com/chase-adds-emirate-transfer-partner-easier-book-first-class2019-8">Chase added Emirates Skywards</a> as a transfer partner.</li><li>Generally, using Chase points to book through Emirates isn't the best deal, but you can find value for upgrading flights with miles, or if you have a huge stash of points and want to book a first-class award.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage.</a></li></ul>Chase's Ultimate Rewards program has some of the most valuable points around. You can transfer your points to 13 airline and hotel partners, and use them to book travel directly through Chase, and get up to a 50% bonus in value if you have the <a href="https://thepointsguy.com/card-hub/chase-sapphire-reserve/?utm_campaign=bi_10182019_cl_emirates-chase&amp;utm_source=referral" rel="nofollow">Chase Sapphire Reserve</a>. However, other programs have become increasingly competitive. In 2019, the <a href="https://www.businessinsider.com/amex-membership-rewards-points-ways-to-use">American Express Membership Rewards program</a> has added valuable transfer partners including El Al and LifeMiles, giving cardholders more options for using their points. And <a href="https://www.businessinsider.com/transfer-capital-one-miles-to-airline-partners-2018-12">Capital One recently introduced a bevy of airline transfer partners</a> to make its own rewards more appealing to cardholders.In response to other programs' updates, Chase added JetBlue and - most recently - <a href="https://www.businessinsider.com/chase-adds-emirate-transfer-partner-easier-book-first-class2019-8">Emirates</a> as Ultimate Rewards transfer partners in 2019. While you may be familiar with the Dubai-based airline's lavish first- and <a href="https://www.businessinsider.com/business-class-flight-review-emirates-airbus-a380-dubai-to-new-york-2019-2">business-class seats</a>, you may be less acquainted with its Skywards loyalty program. So let's take a look at whether it's worth transferring your points, now that you can move the Ultimate Rewards you earned with your Chase cards over to Emirates at a 1:1 ratio.Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. Read more: <a href="https://www.businessinsider.com/best-chase-card">The best Chase cards</a><h2>Flight options through the Emirates Skywards program</h2>You can use the Emirates Skywards program to book award flights on Emirates, as well as the following airlines:• Air Mauritius • Alaska Airlines • Copa Airlines • easyJet • GOL Linhas Aereas Argentinas • Japan Airlines • JetBlue • Jetstar • Korean Air • Malaysia Airlines • Qantas • S7 • South African Airways • TAP PortugalYou can also use Skywards miles to upgrade certain paid flights on Emirates.<h2>Booking on Emirates</h2>Emirates allows you to either upgrade paid flights or book award flights on its website. There are three categories of award flights: Saver, Flex, and Flex Plus, each progressively more expensive (not all categories are applicable to every award type between every destination).While Emirates doesn't publish an award chart, it provides pricing via a <a href="https://www.emirates.com/account/english/miles-calculator/miles-calculator.aspx">calculator</a> on its website.<h3>Upgrade Emirates flights with miles</h3>The "sweet spot" with Emirates Skywards is generally considered to be using miles to upgrade paid flights, but this isn't always the right move. However, Emirates does charge very high fuel surcharges on award flights, and you can "move up" one cabin class with an upgrade, with no additional fuel surcharges involve. You'll only pay a fixed mileage cost based on the price of the ticket you purchased.Upgrades aren't available on all fares. The least expensive "special" fares cannot be upgraded. Additionally, there's a considerable delta in upgrade cost between less expensive economy class fares and the more expensive "Flex Plus" fares.Here's an example of upgrade pricing from economy class to business class on a round-trip flight from Seattle to Mumbai:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Emirates</div></div></div>There are no additional charges to upgrade using miles. However, the devil is in the details: Purchasing Flex and Flex Plus fares is considerably more expensive.Here's an example using random dates for a flight from Seattle to Mumbai:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Emirates</div></div></div>Booking a Saver award fare will cost 52,100 miles more for the round-trip upgrade. Meanwhile, the additional cost for a Flex fare is about $300 each way with Emirates. If we're valuing Chase points at 1.5 cents apiece, the "sweet spot" in this case is purchasing a Flex fare, which will yield slightly better "all-in" value for your Chase points when upgrading. It may not be the "sweet spot" in every case, though - read on.<h3>Emirates Award Flights</h3>You can also transfer Chase points to Skywards to book award flights on Emirates, but they are very expensive - both in terms of points and in terms of surcharges. As an example, you'll pay 170,000 miles round-trip from Seattle to Mumbai in business class plus a whopping $1,733 in fees.Is this a better deal than upgrading with miles? In this specific case, it's about the same. You need fewer miles and more cash for this flight, versus more miles and less cash for an upgrade. Note, however, that upgrades can be available on flights where Saver mileage awards are not, and this can change the calculation.<h2>Booking award flights on Emirates partners</h2>Award flights on Emirates partners are a mixed bag. Some partners allow only round-trip bookings, while others allow one-ways. Additionally, some partners charge a close-in booking fee ($75 within 24 hours of travel and $50 within seven days of travel). Accordingly, you'll need to check closely whether the value is good.There aren't many sweet spots in Emirates partner award charts, but some of the partners (such as Alaska, JetBlue, Gol, and Copa) don't have fuel surcharges. There can be value if you look hard (really hard), such as flights within central America on Copa, flights within Brazil on Gol, and last-minute flights with JetBlue.You can get a sense of how many miles you'll need by looking at <a href="https://www.emirates.com/english/skywards/about/partners/our-partners.aspx">Emirates' partner award charts</a>.To book on partners, you'll need to fill out an email form from the respective partner page to request an award. Note that you can't mix awards between partners or add an Emirates flight to an award without incurring additional charges.<h2>How to transfer Chase points to Emirates</h2>To use the Emirates Skywards program with Chase Ultimate Rewards, you'll need to create a Skywards account on Emirates' website and then hook it up to your Chase Ultimate Rewards account on the "Transfer to Travel Partners" page on Chase's website. Like most of Chase's mileage transfer partners, transfers to Emirates Skywards are instant.Tip: Be sure you're logged out of your Emirates Skywards account before you transfer miles in order to make the transfers smooth and immediate.<h2>Bottom line</h2>To be perfectly frank, Emirates isn't a partner to get overly excited about unless you have a very large points balance, are willing to spend a lot of cash, and are pursuing an aspirational award such as Emirates first class. Apart from some niche redemptions (such as flights on Copa within Central America), there isn't a ton of value to be had in this program. At least not compared to other <a href="https://www.businessinsider.com/guide-earning-using-chase-ultimate-rewards-points">valuable Chase transfer partners</a> like Southwest, Singapore Airlines, and Virgin Atlantic.<h3><a href="https://thepointsguy.com/card-hub/chase-sapphire-preferred-card/?utm_campaign=bi_10182019_cl_emirates-chase&amp;utm_source=referral" rel="nofollow">Click here to learn more about the Chase Sapphire Preferred.</a></h3><ul class="read-more-links"><li>More <a href="https://www.businessinsider.com/category/credit-cards">credit card</a> coverage</li><li><a href="https://www.businessinsider.com/best-airline-credit-card-comparison-delta-united-american">What's the best airline credit card?</a></li><li><a href="https://www.businessinsider.com/best-cash-back-credit-cards">The best cash-back credit cards</a></li><li><a href="https://www.businessinsider.com/southwest-credit-card-comparison-which-to-get">Southwest credit card review</a></li><li><a href="https://www.businessinsider.com/best-rewards-credit-cards">Best rewards credit cards</a></li></ul>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/desert-water-survivalist-guide-nature-science-2017-5">How to find water when you're stuck in the desert</a></h3> <div> </div> </div>

Chase recently added Emirates as a transfer partner -&#160;here are the best ways to use points for award flights and seat upgrades

The lure of a <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">credit card</keyword> is hard to keep away from, especially when a sales representative from a bank or a retail outlet makes a convincing pitch about you getting a “free” credit card. But did you know that the credit card you are being promised is anything but free? 
 
What sales representatives of credit cards do not tell you is that there are a whole host of charges that are applicable to them. Here are the various charges on credit card, you should know about before you agree to apply for one. 
 
The annual maintenance <keyword id="6356431" type="UNKNOWN" weightage="20" keywordseo="Fee">fee</keyword> When you are told you are being given a <keyword id="2769122" type="UNKNOWN" weightage="20" keywordseo="free-credit-card">free credit card</keyword>, it probably means that the joining fee and the annual fee has been waived off for a maximum period of one year from the date of issuance, but after this initial period the annual maintenance fee is applicable to your card. This could range between Rs 1,500-3,000 in a year. 
 
Interest costs If you do not pay the whole of the outstanding amount within the due date stipulated by the bank each month, an interest rate on the expenses incurred on your card is charged at the rate of 3% per month. While this may not seem exorbitant to you, what sales representatives do not tell you upfront is that the monthly interest rate is annualized to arrive at an annualized percentage rate (<keyword id="1755739" type="ORGANIZATION" weightage="20" keywordseo="APR">APR</keyword>) which can be as high as 36-38%. 
 
Overseas transaction cost 
Your bank will also charge you for every overseas transaction you make. This is usually 3.5% of the overseas transaction and is converted to INR depending upon the exchange rate on the day you make the transaction. 
 
Cash withdrawal on credit card The transaction charges on cash withdrawal are as high as 2.5% of the cash advance. Over and above this you need to pay an interest on the cash right from day one, and this <keyword id="888190" type="UNKNOWN" weightage="20" keywordseo="interest-cost">interest cost</keyword> ranges from 24-46% per annum. 
 
Cost for crossing card limit 
Even if you cross your credit card limit by Rs 1, you bank will charge you a minimum over limit fee of Rs 500 or 2.5% of the over limit amount, whichever is higher. 
 
Late payment fee 
The Reserve Bank of India has recently come out with the diktat that banks must revisit the late payment charges on overdue amounts on credit cards. While this may relieve the burden of the card user by a tad, penalties are still applicable. Therefore, if you turn delinquent and do not pay your minimum amount due for more than 90 days you will be charged a late fee by your bank. For amounts between Rs 500 to Rs 20,000 the amount will be in the range of Rs 100-600 while for amounts over Rs 20,000 the amount will be in the range of Rs 700-800. 
 
A duplicate statement fee 
While the monthly statements are delivered free of cost to your postal address, if you request for a duplicate statement fee, your card issuer will levy a duplicate statement fee which may range between Rs 50-100. 
 
Card replacement fee 
If you lose your card, your bank will charge you a card replacement fee. This can be between Rs 250-300. 
 
Cheque bounce or dishonour of ECS charge 
If the payment on your credit card bounces, your bank will charge you a fixed rate for the same which can be between Rs 300-350. If the bank sends a representative to pick up cheque or cash on the overdue account, another fee of Rs 100 is added to your next month’s statement. 
 
Surcharges 
If you purchase petrol using your credit card, a certain percentage of the transaction value is subject to either 2.5% of the transaction or flat fee of Rs 10-25 (whichever is higher) depending upon the bank. Some banks offer a waiver on the fuel surcharge, but these are for certain specified bands say between Rs 400-4,000. Therefore any transaction below Rs 399 or over 4,000 will continue to be charged as usual. 
 
<keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> Up until now, the service tax levied on service charges was 12.36%. However, while presenting the budget for the year 2015-16, the <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced that the service tax will be hiked to 14%. This means your credit card transactions will now become costlier as well. 
 Thus as you can see, the credit card you are being offered is not free at all and most of the charges you are not even told upfront. Knowing about these various fees and charges will put you in good stead and help you use your card prudently. Make sure you go through the issuer’s ‘Most Important Terms and Conditions’ (MITC) before you apply for the card. Prudent use of your credit card will also help you keep your <keyword id="2054234" type="UNKNOWN" weightage="20" keywordseo="CIBIL-Score">Cibil score</keyword> intact and keep your overall financial health in order. 
 
About the author: Rajiv Raj is the director and co-founder of<a href="http://www.creditvidya.com/">www.creditvidya.com</a>.

Know your credit card better: 11 hidden charges that you are never told about

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="The Economist" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54e0e26569beddd446063da4-960/20150214_eud001.jpg"></div></div></div>But other German economists are sceptical about claims of underinvestment. Christoph Schmidt, chairman of the German Council of Economic Experts, which advises the government, thinks published ratios of investment as a percentage of GDP can be misleading when compared both across time and between countries.France, for example, has a lot of public housing. Germany does not, and this skews the numbers. Reunification in 1990 caused a one-off investment boom in both parts of the country. And whereas other countries had property crashes, Germany did not. In that case, at least, skimping on housebuilding was sensible.Yet the trend of declining public and private investment remains clear. A recalculation to fit European Union norms lifts Germany's investment ratio from 17% to 19%, by including companies' research and development spending. But that is still low. Why is this?Most investing is done by private firms. But German ones have for years preferred to invest abroad, not at home. Mr Fratzscher regrets this: he reckons that German investment abroad has yielded an annual return of 10% over 20 years whereas foreign investment in Germany has made more like 15%.The main reason for low domestic investment, says Michael Hüther, the Cologne institute's director, is uncertainty and nervousness over the future. Continuing anxiety over Greece and the euro has been especially damaging.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>More recently worries about Russia, which is more commercially entangled with Germany than with other big Western economies, have unsettled the business climate. But the biggest problem for many businessmen may be benighted government policies.These start with Germany's "energy transition," a plan to exit simultaneously from fossil fuels and nuclear energy. The main policy is a huge subsidy to solar and wind. The surcharge that many firms have to pay on a unit of energy is larger than the entire cost of electricity paid by firms in America. Half the firms polled by Mr Hüther's institute claim that this makes any new investment unattractive.Many also complain, in a country that has an ageing, shrinking population, about a shortage of skilled workers despite Germany's admired apprenticeship system. Mrs Merkel's government, under the influence of her Social Democratic coalition partners, has made things worse by letting some workers retire at 63, rather than at 67, as previously envisaged.In the housing market, owners are put off investment by a cap on rents in many cities. A new federal minimum wage is yet another measure that will add costs for business.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The best way to boost investment is to fix these policy errors, argues Mr Schmidt. On energy, even if the government insists on sticking to its emissions targets, it could leave the choice of technology to the market.The pension age could be raised again; the minimum wage should be lower. And public investment should be raised. Gustav Horn, head of the Macroeconomic Policy Institute, part of a foundation with links to the trade unions, reckons that a 1% increase in euro-zone public investment would boost GDP by 1.6%.Yet Germany led resistance to calls for more public money to be put into the European Commission's planned investment programme. At home it is constrained by the constitutional "debt brake", adopted in 2009, which requires state governments to balance their budgets by 2020 and the federal one to do so by 2016.Wolfgang Schäuble, the finance minister, has beaten the timetable, balancing the budget in 2014. He and Mrs Merkel are proud of the "black zero", which demonstrates that Germans sticks by the rules, as others should. The books may balance, but Germany is a long way from rectifying its investment shortfall at home.Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The EconomistThis article was from The Economist and was legally licensed through the NewsCred publisher network. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-men-cheat-affair-love-sex-psychotherapist-2015-1">Research Reveals Why Men Cheat, And It's Not What You Think</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9vdnlycjo8Di2vj5XaYNQCb3Cc2NYbee" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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