What You Need to Know About Credit Card Fees

 

 

Credit card fees can vary widely between banks, so it is worthwhile to make credit card comparisons for the best rates. Although the recent federal credit card bill puts limits on when credit card fees can be charged, there is no cap on the amount of the fees. Also, the new law does not prohibit new kinds of fees. Since the amount of fees varies between banks, it pays to comparison shop before you apply for a credit card. Here are some of the fees you should consider compare:

 

1. Annual fee.

Many credit cards do not charge an annual fee, but some, especially cards for people with poor credit do carry fees. Also, traditional charge cards such as some American Express cards charge annual fees. If you choose a credit card with an annual fee, then look for other features that will make the extra cost worthwhile (such as rewards or cash back cards).

2. Cash advance credit card fee.

This fee is what you are charged when you use your credit card at an ATM for a cash advance. you usually pay a percentage of your total cash advance, such as 3%. Often a minumum fee is charged, such as $30. If you expect to take out cash advances, it is especially important to find a card with low fees for this service. 

3. Balance transfer fee.

When you transfer a balance from one card to another, you will usually pay a fee of about 3-5% of the amount transferred. It usually applies to all balance transfer offers including low introductory rate offers. For instance a 0% balance transfer offer will still add a balance transfer fee. Many people are caught unawares when they find balance transfer credit card fees on their statement.

4. Late-payment fee.

This is the fee that you will be charged if your payment is received after the due date. Late fees can be as high as $39 and are expected to head higher. Starting in 2010, banks will be required to allow three weeks to pay your bill from the date the bill is issued. This will allow more time to make payments.

5. Over-the-credit-limit fee.

Under the new credit card law, you must agree to being charged for an over-the-credit-limit fee. The idea is that credit card companies should not allow you to go over your credit limit without your being aware of it, and then charge you a fee. This has been one of the more contentious of credit card fees, since customers are frequently not aware that they are going over their card limit.

6. Credit-limit-increase fee.

Did you ask your bank for a credit limit increase? It can be worthwhile to increase your credit limit from time to time. However, some banks have started charging you for this service. When you ask for an increase, be sure to ask whether or not you will be charged a fee. 

7. Set-up fee.

If you open a new credit card, you may be charged a fee just for opening the new account. Usually, this applies to poor credit credit cards. These fees can be hefty, so it pays to compare cards.

8. Return-item fee.

Did you pay your card off with a check or an online transfer? Did it bounce? You may be charged a fee by your credit card company, and a second fee on your bank account. If it bill is paid with an online transfer, you can be charged multiple fees if the transfer goes through a third party clearing house (such as Web Bill Pay).

9. Other fees. New types of fees are coming.

At last some good news. When the new credit card bill takes effect, banks can no longer charge you if you pay your bill by telephone. They still might charge you for things like covering the costs of reporting to credit bureaus, reviewing your account, mailing your copies of old bills, or other services. Since there are no restrictions on types of fees or their amount, look for new fees and larger amounts on existing fees.

Not all credit card fees are charged by every credit card company. It pays to read the agreement when you apply for a credit card.

 

 

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