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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.

Credit card tips: When an annual fee is worth it

American Express, for example, offers a variety of credit cards, and each has a different cashback ... from a card that has an annual fee than they would from a card that has no annual fee. For ...

Published:  Fri, 15 Mar 2019 01:58:19 GMT



Chase Sapphire Preferred Now Offering a 60k Bonus; Annual Fee No Longer Waived First Year

If you ask anyone in the travel rewards industry what the best starter credit card is, 9/10 times they'll say the Chase Sapphire Preferred. While the current offer doesn't waive the $95 annual fee, ...

Published:  Wed, 20 Mar 2019 07:52:00 GMT



3 credit card fees to watch out for

No news flash here: Credit cards can be costly ... shopping around can mean that consumers are able to find appealing credit cards that do not charge an annual fee. While credit cards can be ...

Published:  Sat, 23 Mar 2019 03:39:00 GMT



Chase Enhances Credit Card Rewards for New Customers

Low Interest Credit Cards 0% Intro Rate Credit Cards Balance Transfer Credit Cards No Annual Fee Credit Cards No Foreign Transaction Fee Cards Rewards are one of the most requested features in credit ...

Published:  Thu, 21 Mar 2019 15:02:00 GMT



Are credit card APR and interest rates the same thing Not exactly.

Some of the best 0 percent APR credit cards also allow you to earn rewards and have no annual fees. If you have existing credit card debt, there are many credit card products on the market designed ...

Published:  Fri, 22 Mar 2019 04:00:00 GMT



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