October 19, 2017

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Credit Card Fees

The No Annual Fee Credit Card Advantage

When a No Annual Fee Credit Card Doesn't Save You Money


Top Consumer Reviews Articles provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Credit Card Fees

Being financially savvy with your credit card takes organization and knowledge. However, the benefit is that you will rarely be shocked or surprised by an unexpected credit card fee on your next billing statement. New laws put in place under the Credit Card Act of 2009 have completely changed the credit card fee game and have done so to the consumers benefit. However, it's still money smart to understand these rules and have a clear understanding of how your card will work.

  • No need to search through the microscopic credit card agreement for inactivity fees as they are now a thing of the past. The Credit Card Act of 2009 eliminated credit card companies from charging fees for non-use of a credit card.
  • Despite much confusion, overdraft fees may still be applied to customers account but only in certain situations. The consumer must tell their credit card company they can allow transactions over the credit limit. If those occur, a credit card company can access a fee. However, if you don't accept the option to opt-in to overdrafts, a transaction that would take you over the account limit will be denied. However, if the company chooses to allow a transaction that will take your card of the limit they cannot access an overdraft fee.
  • Annual fees may not be greater than 25% of the initial credit limit. Many companies charge anywhere from $50 to several hundred in annual fees. Being aware of what your credit card fees are is important to managing your finances.
  • Application fees may also not be greater than 25% of the initial credit limit.
  • Very importantly, late payment fees (also called penalty fees) cannot be greater than $25. However, if this is your second late payment in six months the company can charge more. Also, if the credit card company can show it cost them more than the $25, as a result of your late payment, they can charge more to the customer.
  • Credit card companies can no longer charge you new fees or change the amount of fees without first notifying you 45 days in advance. If the credit card company is going to change the fee terms to your account they must give you the option to cancel your card before those fees are accessed. Cancelling your account will mean you are not charged the new fees but you may no longer use the card and may be required to pay off the balance in a much shorter period.

Looking for a low fee credit card is the best policy to limiting unnecessary charges throughout the life of your credit card. Also, making sure payments are made on time and spending is within your credit limit will decrease unnecessary fees.

You're Still Paying Credit Card Fees Even If You Use Cash

There are no annual fees, no finance charges, no potential for missing a payment, and no chance of paying interest -- all common fees associated with credit cards. But paying in cash doesn't let you escape from the impact that card fees have on the prices ...

Published:  Sun, 15 Oct 2017 19:22:00 GMT

Credit stress: 5 ways to negotiate with your credit card company

Are your cash back rewards and other benefits outweighing the annual fee If your answer is no, then it's possible you are holding a card that isn't the right fit for you anymore. While it's not recommended that you close your credit card account ...

Published:  Tue, 17 Oct 2017 10:00:00 GMT

Best Airline Miles Credit Cards

The United TravelBank Card is a no-fee airline rewards card that earns cash back ... the amount of bonus points you receive each card anniversary and the annual fee. With the Plus credit card ($69 annual fee), you will receive 3,000 annual bonus points ...

Published:  Mon, 16 Oct 2017 19:31:00 GMT

New Card Alert! Earn 3% Back on Dining, 2% on Groceries With No Annual Fee!

because these issuers only pull from one credit bureau. Plus, you'll earn unlimited 3% cash back on dining, 2% back on groceries, and 1% back on everything else. So if you spend a lot on food and are looking for a card with no annual fee and a simple ...

Published:  Tue, 17 Oct 2017 01:00:00 GMT

Shop for Credit Cards: The Best Online Deals in 2017

The BankAmericardĀ® Credit Card is one of our favorites in the 0% intro APR category, offering a lengthy 0% intro APR on purchases and balance transfers for 15 billing cycles with no annual fee. Importantly, the card also waives balance transfer fees when ...

Published:  Fri, 13 Oct 2017 03:00:00 GMT

Blue from American Express Credit Card

Another advantage of this card is that there are no annual fees. So you can park this card in your wallet to establish credit without paying for it. Additionally, you don't have to have a great credit score to qualify for this card. So for people who are ...

Published:  Mon, 16 Oct 2017 01:00:00 GMT

How the Bank of America Premium Rewards Card Stacks up Against Low- and No-Fee Cards

... overview table that compares the Premium Rewards Card to other popular and rewarding cards with low (or no) annual fee: Bank of America Premium Rewards Credit Card 50,000 points after you spend $3,000 in the first 90 days 2x points on travel/dining ...

Published:  Thu, 12 Oct 2017 22:39:00 GMT

Capital One's New No Annual Fee 3% Cashback Dining Card

Thanks for your support! There's a new credit card in the market that may be interesting to those who spend a lot on dining. Meet the new Capital One Savor Card, which has no annual fee and offers 3% cashback on dining, 2% cashback on groceries ...

Published:  Tue, 17 Oct 2017 10:59:00 GMT

Capital One Launches New No Annual Fee 3% Cash Back on Dining Card

As it stands you can earn more on your "˜other purchases' just get the no annual fee Citi Double Cash Card. Where you really want to focus on Capital OneĀ® Savorā„  Cash Rewards Credit Card is restaurant spend. It's good for someone who prefers cash ...

Published:  Tue, 17 Oct 2017 14:04:00 GMT

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