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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.

7 Top Credit Cards for Amazon Cash Back

There's no annual fee. If you shop at Amazon a lot, you'd do well to see if a credit card that pays you cash back for those purchases makes sense for you. Be sure to read the fine print and terms for any card of interest, as there may be details making ...

Published:  Mon, 18 Jun 2018 07:33:00 GMT



If You Shop at Target, This Is the Best Credit Card for You. Here's Why.

Does that store credit card offer no annual fees Does that store credit card allow you to earn rewards And are those rewards earned at a more accelerated rate than if you were using a regular credit card at that store If the answer to all four questions ...

Published:  Fri, 15 Jun 2018 15:38:00 GMT



The best cash back credit card if you don't have a great credit score

The drawbacks to the QuicksilverOne are its $39 annual fee and its lack of sign-up bonus ... Don't miss: We looked at the 25 most popular cash back credit cards-here's our pick for No. 1

Published:  Fri, 15 Jun 2018 10:24:00 GMT



American Express® Launches New, No Annual Fee Cash Magnet™ Card, Offering Unlimited 1.5% Cash Back

NEW YORK--(BUSINESS WIRE)--American Express (NYSE:AXP) today announced the newest addition to its cash back portfolio - the no annual fee American Express Cash ... responsibility information: charge and credit cards, business credit cards, travel ...

Published:  Thu, 14 Jun 2018 05:22:00 GMT



The Best Cash-Back Credit Cards in March

Better still, there's no annual fee. TheCiti Double Cash Card also offers access to your FICO credit score, which can be helpful if you're working on beefing up your score or if you're keeping an eye on it before, say, taking out a mortgage. (Read our ...

Published:  Mon, 18 Jun 2018 07:20:00 GMT



Chase just announced a new business card with no annual fee, and it's a no-brainer for small business owners and freelancers

In the credit cards rewards war, Chase has made some major moves over ... That's because, in addition to earning rewards quickly, it has no annual fee. The Ink Business Unlimited card is a solid option with a strong and simple rewards scheme, offering ...

Published:  Tue, 29 May 2018 00:13:00 GMT



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