Know About The Hidden & Miscellaneous Fees Charged By Your Credit Card Issuers
Are you fed up with the hidden and miscellaneous fees that you thought they were not in the terms and conditions when you applied for the credit cards?
Like most credit card users, I am so sick of paying late payment fees, cash advance fees, balance transfer fees, and other hidden fees charged by credit card issuers.
I am sure most credit card users are like you and I only know there are annual fees and balance transfer fees. You only get to know there are not so obvious fees when your credit card bills arrive at the end of the month.
Do you actually spend your time reading the tiny prints of terms and conditions for your credit cards to check out other fees? I don’t and I bet most credit card users don’t do so.
As you don’t careful pay attention to the terms and conditions thoroughly, you have to pay through your nose for any hidden and miscellaneous fees imposed by credit card companies.
Before you apply for any new credit card in the future, check if there are not so obvious fees charged by the credit card issuer.
1. Late Payment Fee. You know late payment fee, but do you know how this fee is structured? For you knowledge, most late payment fees charged by major credit card companies are based on a tier-based structure.
As an example, you know there will be a $20 in late payment fee if your balance is less than $250 and there will be more fee if your balance is over $250. But how much you will be charged if your balance is more than $250? You have to read the terms and conditions thoroughly to for this information.
2. Cash Advance Fee. Do you always assume that there are no cash advance fees attached to your credit cards? You are wrong. As a matter of fact, most credit card companies charge a percentage fee, usually 3%, for cash advance fees. The percentage fee can be less than or more than 3%, depending on your credit card issuers.
3. Over-Limit Fee. Never ever go over your credit limit. Going over your credit limit brings you more fees at the end of the month. Usually the over-limit fees charged by credit card companies are based on a tiered structure and on your ending balance.
4. Returned Payment Fee. Do you know that if you don’t have enough funds in your bank account or you enter the wrong account information for online payment that causes your bank to return the payment to your credit card, you have to pay a cost for it? Your bank will charge a $20-50 fee on your credit card bill at the end of the month.
5. Balance Transfer Cancellation Fee. Credit card companies are trying their best to squeeze as much money as possible from you that they will penalize you if you think of canceling the balance transfer deal in the middle of the process. If you do cancel a balance transfer transaction in the middle of the process, you will surely be charged.
6. Foreign Transaction Fee. There is a 3-5% foreign transaction fee if you use your credit card to conduct a foreign transaction in a foreign country. You enjoy the convenience of using your credit card anywhere in the world, but there is a charge.
In brief, you have to read the terms and conditions of imposed by every credit card issuer before you submit any new credit card application thoroughly to find out about the hidden fees.
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