December 18, 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.

Kiplinger's Personal Finance: Airline credit cards without the usual annual fee

By contrast, Delta's Gold Delta SkyMiles card ($95 annual fee) pays out only one mile per dollar ... Even if your preferred carrier doesn't advertise a no-fee credit card, you may be able to bypass the fee. "It never hurts to ask if there's a ...

Published:  Sat, 16 Dec 2017 21:04:00 GMT

Is an Annual Credit Card Fee Worth It

And that certainly makes sense. But before you dismiss the idea of paying an annual fee, consider the benefits of doing so. For one thing, credit cards with no annual fee often come with stingier rewards programs than those that do charge fees. For example ...

Published:  Fri, 08 Dec 2017 14:35:00 GMT

How to Get Your Capital One Credit Card Application Approved

Capital One offers a range of credit cards with perks like no annual fee, low introductory rates, unlimited Capital One rewards miles and unlimited cash back. Here's what you need to know in order to apply and get approved for a credit card from Capital One.

Published:  Sat, 16 Dec 2017 15:49:00 GMT

The Best Secured Credit Cards of 2017

The Capital One® Secured Mastercard® is a great option for those with very poor credit scores. There is no annual fee (and no fee to acquire the card) and the minimum deposit to gain a line of credit is either $49, $99 or $200. The amount of your deposit ...

Published:  Fri, 15 Dec 2017 00:00:00 GMT

Best Credit Cards For Everyday Use

The best credit cards for everyday use will vary from one person to the ... There is also a version of this card with lower rewards, but no annual fee. You can get details on this card here. The Discover it card is one that requires you to manage rotating ...

Published:  Fri, 15 Dec 2017 00:27:00 GMT

11 Credit Card Offers Not to Miss

A good travel card. $99 annual fee. No foreign transaction fees. Earn 2 points per $1 spent on Southwest purchases and Rapid Rewards® Hotel and Car Rental Partner purchases. Get $500 after spending $4,500 in the first three months. A business credit card.

Published:  Thu, 07 Dec 2017 02:48:00 GMT

Why now is the best time of the year to sign up for a new credit card

It earns 1x point per dollar on everything else, and unlike the Chase Freedom, has no foreign transaction ... three months from account opening. Annual fee: $450 The powerhouse of the company's consumer credit card lineup, the Chase Sapphire Reserve ...

Published:  Fri, 15 Dec 2017 09:58:00 GMT

How to Use Overdraft Lines of Credit to Lower Fees

Additionally, while credit cards don't charge interest until after the payment ... Radius Bank's popular Hybrid Account offers this line of credit with no application fee, annual fee, or transaction fee to use the service. That makes it a great choice ...

Published:  Mon, 11 Dec 2017 14:51:00 GMT

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