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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.

Bank of America Hikes Bonuses on 2 No-Annual-Fee Cards

Some of the products we feature are from our partners. Here's how we make money. No-annual-fee credit cards with sign-up bonuses worth $200 or more used to be rare - but not these days. Bank of Americ...

Published:  Thu, 09 Aug 2018 17:34:00 GMT



This new credit card offers 4% back on dining, but is it a good deal

Here's one reason to put your avocado toast and poke bowls on credit - if you can pay them off ... American Express introduced the Cash Magnet card in June, which comes with no annual fee and offers 1 ...

Published:  Tue, 14 Aug 2018 07:21:00 GMT



New rewards credit card for foodies, but how does it compare

"The beauty of the credit card rewards you can easily earn a baseline 2 percent return on everything with no annual fee," McBride said, noting the Citi Double Cash and Fidelity Visa offer 2 percent ba...

Published:  Tue, 14 Aug 2018 10:01:00 GMT



Can International College Students Get a Credit Card

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:  Mon, 06 Aug 2018 08:30:00 GMT



We looked at the 25 most popular credit cards to help you get out of debt-here's our pick for No. 1

depending mostly on your credit score. The card requires no annual fee and throws in up to $600 in cell phone damage protection. The main downside: When you transfer a balance to the card, it requires ...

Published:  Wed, 08 Aug 2018 12:15:00 GMT



What really matters with your first credit card

Don't have a credit history yet Consider applying for a secured card, one that requires a cash deposit. Or ask a parent to add you as an authorized user on a card with history of on-time payments and ...

Published:  Tue, 14 Aug 2018 07:51:00 GMT



The Days of Big Credit Card Sign-Up Bonuses May Be Numbered

As savvy consumers continue to cancel their credit cards to avoid annual fees, banks may offer fewer perks and benefits ... Elizabeth Aldrich has no position in any of the stocks mentioned. The Motley ...

Published:  Tue, 07 Aug 2018 07:25:00 GMT



The best Qantas Frequent Flyer credit card sign-up deals this August

The card carries a $1,750 annual fee, but up to 99 additional cardholders ... Visa and the BankSA Amplify Signature Visa credit cards - which, like St. George, are backed by Westpac Group, although th...

Published:  Thu, 09 Aug 2018 14:05:00 GMT



Inside Brett Kavanaugh's personal finances: credit card debts, $92,000 country-club fee

Kavanaugh has reported credit card debts that exceeded $15,000 for six of his 12 ... required a $92,000 initiation fee and annual dues of more than $9,000. "It's a place where your children can be on ...

Published:  Thu, 09 Aug 2018 14:47:00 GMT



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