Did you check your card statement for “grey charges”?
If not, it’s high time you did it!
According to a recent research, about a third of all credit and debit card holders report so-called “grey charges”; and probably more don’t even notice them.
Grey charges are deceptive and unwanted credit or debit card charges – small enough not to notice but they may turn into significant amount in total per year: sometimes up to $500 per person and even more according to the research.
The growing use of debit and credit cards and growing popularity of online shopping have made it easier for retailers to charge such fees. And the most common grey charge occurs when you sign up for a service or product which you think is free, but after introductory (or trial) period you start getting charged for it. These fees, which are also called “free-to-paid” fees, present nearly half of all grey charges.
So-called “phantom” fees – the fees which are charged for the received extra product or service you didn’t request – are second “popular” grey charges.
Another basic category is “hidden fees”. All in all, there was presented 11 different types of grey fees which total $14.3 billion last year, according to the research.
These grey charges are not necessarily fraudulent or illegal. They are a result of misunderstanding, unclear contracts and sneaky billing practices. So, how can you avoid grey charges? Here are some tips:
- read carefully the agreements and terms and conditions before making an online purchase;
- track your spendings and frequently check your bank account;
- scan your card statements closely and investigate any charge you do not recognize;
- look for charges for something you think you’ve unsubscribed or cancelled and follow up with the seller.
Take care of your finances and don’t forget to thoroughly read your credit or debit card statement this month.
Latest Credit Card Fees News
The other day Chase announced some changes to their cashback credit card lineup, introducing the Chase Freedom Flex credit card. The new Mastercard credit card boasts no annual fee, 0% intro APR on purchases for 15 months, and a variable 14.99% – 23.74% ongoing APR. Applications for the offer are supposed to be accepted starting […]
While the coronavirus is in no hurry to calm down, people continue to look for any means to reduce costs so that not be left without means of subsistence. If you are an owner of the Chase Sapphire Reserve credit card, there is some good news for you that you may have missed. As part […]
Thursday, January 30, 2020, all American Express Delta SkyMiles credit cards came out with renewed annual fees and/or benefits. Amex announced the updates back in September, but they were to come into effect only at the end of January. The changes apply to both consumer and business Delta SkyMiles credit cards. The first alteration is […]
Using credit cards, we constantly have to encounter different kinds of fees. So, during the 2019 U.S. News Consumer Credit Card Fee Study, hundreds of credit cards were examined in order to investigate annual fees, cash advance fees, foreign transaction fees, late and returned payment fees, and balance transfer fees more closely.
On October 20, 2019, 9 powerful tornadoes swept through North Texas. Although, fortunately, they brought no casualties, many homes and public buildings, including schools, stores, and business centers, were damaged or even completely destroyed. More than 90,000 local residents were left without electricity. The damage is estimated at about $2 billion. To aid individuals and […]
