Credit card companies can impose penalty fees on cardholders when you are not compliant with terms and conditions of your credit card agreement. Penalty fee is charged when there is a late payment, a purchase is made for the amount exceeding available credit limit, or due to insufficient funds on your account, a check was returned. Not only will these activities result in a penalty fee, but also may lead to an interest rate increase, a default APR may be imposed on the cardholder and remember, that once applied, it may remain for a minimum period of 12 months. You can avoid these fees and increase in your interest rates if you make payments on time, do not exceed your credit limit, keep track of how much you have available, and make sure your account has sufficient funds.
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Please contact your credit card issuer and negotiate this issue with them.
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Miller
While she enjoys writing about money, Amy admits she is not your typical personal finance writer-she is a shopaholic, an impulse/emotional buyer, and unable to save for longer than a few months at a time. But she is trying to improve her finances and shares her experience and tips on learning how to budget money, manage debt, and set goals in her writing for BestCreditOffers.com. She hails from the foggy city of London, but now resides in Salt Lake City.
Williams
James Williams is a personal finance expert, trained in journalistic writing. As a freelance writer and professional blogger who works from home, he contributes to many personal finance websites including BestCreditOffers.com.