Banks Don’t Want You To Know These Ways To Avoid Credit Card Fees
If you’ve ever been slapped with a credit card fee, you know it’s no fun at all. You can incur a fee for making a late payment, getting money out of an ATM, buying something with your card overseas, accidentally going over your credit limit, or ordering an extra card so a partner can use your account.
But you don’t have to pay these fees ever again, if you know the secret to avoiding them. That’s good news for all of us who don’t have the extra money to pay $35 or so in fees – the average amount you pay when making a late payment or going over the limit – when we accidentally slip up.
Here’s how to avoid those sneaky credit card fees and keep your money where it belongs: in your bank account.
• Get a card that doesn’t charge fees. There are actually many credit cards that no longer charge late fees or over the limit fees anymore. At least, they don’t charge them the first time you’re late or go over the limit. They might charge a fee for the second or their time, but try to find one that has a forgiving policy and you’ll have a better chance of not paying these fees.
• Say goodbye to foreign transaction fees. If you travel out of the country a fair bit, you’ll want to apply for a credit card that doesn’t charge transaction fees at all. Luckily, there are plenty of them and they are easy to find. This fee, which is usually about 2-3% of your transaction amount, is a totally unnecessary fee to ever pay.
• Set up automatic payments and balance alerts. This is an easy way to avoid making late payments or going over your credit limit. Your minimum amount due will be taken out on the date you request each month; either the due date, or a day before that if you wish. And you can get a text alert to your phone when you are approaching the credit limit on your card, so you know to either pay it down or put it away for a while.
• Call and ask for a fee waiver. When all else fails, many credit card issuers will waive a fee if you simply call and ask them. If you’re a good customer, they are usually eager to keep you happy. There’s never any harm in asking, anyway.
Latest Credit Card Fees Guides
After you make purchases with your credit card, there always comes a time when you have to foot the bill. A monthly credit card statement usually contains a lot of numbers that taken together make up your payments. Of course, you’d better understand and monitor them all, but there is one number that just calls for attention – the minimum credit card payment.Continue »
The annual fee is a fee that you pay once a year just for using a credit card. Not all credit cards have an annual fee. As a rule, this fee is charged on travel credit cards, premium credit cards, and credit cards for bad or limited credit history.Continue »
If you’re starting from scratch with your credit history, either trying to build credit from nothing or attempting to rehabilitate bad credit after something like a job loss, divorce, or other unexpected life event, you may wonder what the best way is to achieve an excellent credit score without paying high fees.Continue »
Most people don’t like to pay fees. Whether it’s a surcharge on a ticket purchase, a parking ticket, or an extra charge to check a bag on a plane, fees can seem unnecessary, irritating, and downright unfair. But there’s one circumstance when paying a fee can actually be a good thing.Continue »
Paying a yearly fee of $450 or even more for a credit card might sound crazy to some people. After all, there are so many credit cards available with no annual fee: why would anyone pay hundreds of dollars just for a credit card?Continue »