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      November 13, 2018

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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.

The Blue Business℠ Plus Credit Card from American Express Review

The Blue Business Plus Credit Card from American Express is their most flexible no annual fee business credit card. Cardholders can earn 2x points on up to $50,000 in purchases each year and 1x points ...

Published:  Mon, 12 Nov 2018 10:24:00 GMT



Surprise! Debit cards have fees

Annual fees, late payment fees ... Since you aren't borrowing money with debit cards you're paying with funds from your checking or savings account there's no credit involved at all and no effect on y...

Published:  Mon, 12 Nov 2018 07:13:00 GMT



Best No-Annual Fee Credit Cards in Singapore - 2018

Did you ever go through the process of applying for a credit card just to back out at the last moment thinking about the annual fees The good news is that there are credit cards which have annual fee ...

Published:  Thu, 01 Nov 2018 23:21:10 GMT



American Express Launches New Business Gold Rewards 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:  Thu, 08 Nov 2018 16:01:00 GMT



Why you should consider opening Bank of America's $95-a-year rewards credit card

... Premium Rewards credit card is a great option for anyone looking for a simple but solid rewards credit card. This card has a low $US95 annual fee and no foreign transaction fees. In recent years, ...

Published:  Mon, 12 Nov 2018 11:04:00 GMT



10 lucrative credit card deals you can get when opening a new card in November - including a 150,000-point bonus

The earning rate will make up for the fee in many cases, based on normal spending, but if that's too high for you, there's an alternative: the Capital One SavorOne Cash Rewards Credit Card. The SavorO...

Published:  Wed, 07 Nov 2018 06:22:00 GMT



Credit card danger for spendthrift shoppers

But people must hand-pick a card carefully because some annual fees are as high $1450 per year, while many cards have no fee at all. Finder.com.au spokeswoman Bessie Hassan warned credit card customer...

Published:  Mon, 12 Nov 2018 10:28:00 GMT



Best Credit Cards for Small Businesses

There is no annual fee. Click here to learn more and apply for the Bank of America® Business Advantage Cash Rewards Mastercard® credit card today! Bank of America® Business Advantage Travel Rewards Wo...

Published:  Wed, 07 Nov 2018 22:58:00 GMT



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