The recent credit card fees that one should watch out for

Monday, December 20th, 2010
Updated: December 20th, 2010
The content is accurate at the time of publication and is subject to change.

Although plastic money is convenient to use and has come to the rescue of many people, it is still a cause of immense distress to many. This may not be the case only when an individual defaults on payments but the anguish could also be due to a much lesser known inconspicuous cause which is the hidden charges that one is unaware of. Credit cards can be quite a pain at times and once a person gets into this vicious cycle it gets almost impossible to get out of the messy situation.

With the recent amendment in the credit card act, there was some respite for people as the act aimed at easing financial burden by reducing the fee that one might incur on the card and there was much more transparency with transactions. But when one goes through the monthly statement the scene is quite different.

Credit cards have found new innovative ways to charge extra fees by way of penalty and other charges in order to make up for the lost revenue due to the card act. Since all these charges are perfectly legal one has no choice but to pay it. However, when such charges creep in it is best to avoid these charges and try to keep them at a bare minimum.

Some tips to avoid extra charges:

• If there is a change in mailing address it would be better to keep the card company informed otherwise one would end up paying late fees if the statement arrives late due to the rerouting. It would be wise to check the mailing address every time in order to avoid any late fees as some companies charge late fee up to the minute. Let us suppose the payment is due for the 25th of each month at 2:00 p.m., if there is a delay for some valid reason and the payment reaches by 2:35 p.m., then the card company is well within their rights to charge late fee of up to $35 and there could be an increase in interest rates as well. To counter this problem, it is always better to send in the payments well ahead of time.
• The other fee that is back with a bang is the annual fee. The card act has put an end to the penalty that card companies would charge for not using the card often. And yet, card companies do charge the inactivity fee but have rechristened it to annual fees.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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