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Credit Card Fees
Credit cards aren't free. Find out some of the most
commonly charged credit card fees and when you might get
charged. Since different types of
credit cards charge different kinds of fees, it's a good
idea to know when your credit card might charge you.
Annual Fee
What is it: a yearly fee charged for the convience
of having the credit card
Which cards have it: mostly secured cards, charge cards, and subprime credit cards How much is it: varies, usually from $25 to $300/year How often is it charged: once a year How to avoid it: ask your creditor to waive the fee. Some credit cards automatically waive the fee if you make a certain amount of purchases in a year. Application Fee
What is it: A fee charged when you make an
application for a credit card
Which cards have it: All credit cards can have it, mostly secured credit cards How much: varies by credit card, $10 - $50 per application How often is it charged: once each time you make a credit card application How to avoid it: ask to have it waived or apply for a card without an application fee Cash Advance Fee
What is it: making a cash advance
Which cards have it: cards that allow you to withdraw a cash advance How much: usually 1-3% of the advance per cash advance transaction How often is it charged: once each time you make a cash advance How to avoid it: use a card that doesn't charge fees for cash advances Balance Transfer Fee
What is it: making a balance transfer
Which cards have it: cards that allow balance transfers How much: usually 1-3% of the amount transferred per transfer How often is it charged: once per balance transfer How to avoid it: use a card that doesn't charge balance transfer fees Finance Charge
What is it: a monthly charge for the the
convenience of carrying a credit card balance beyond
the grace period
Which cards have it: all cards except those with zero percent interest rates How much: depends on your card's APR, balance, and method of calculating finance charge How often is it charged: once per billing cycle How to avoid it: pay your balance in full before the grace period expires Late Fee
What is it: a charge for making less than the
minimum payment or after the payment due date or
both
Which cards have it: all cards How much: $15 - $39 each billing cycle you miss a payment or pay less than the minimum How often is it charged: once each billing cycle you are late How to avoid it: pay your bills on time or call your creditor ahead of time to make payment arrangements Over-the-limit Fee
What is it: having a balance above your credit
limit
Which cards have it: all cards with a credit limit How much: $15 - $39 each billing cycle you are over the limit How often is it charged: once each billing cycle you are over your credit limit How to avoid it: Keep your credit card balance below the credit limit Return Check Fee
What is it: having a payment check returned from
your bank
Which cards have it: all cards How much: varies, ~$38 How often is it charged: once each time your check is returned by the bank How to avoid it: make sure you have funds available in your account when you write a check for payment. |
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How will your change in credit card interest rates impact you?
If you happen to miss a payment on your credit card or any other loan it may impact your credit card interest rate. If you owe about $1,000 at 11% interest it will take you 73 months (6 years) to pay it off and $320 in interest. but when your credit card company increases your interest rate due to a late payment, even if the late payment is not that credit card, they can increase your rate to a penalty rate. Let's say that rate is 19.9% (some states allow up to 29.9%). It will now take you 100 months to pay off your balance (8.3 years) and $860 in interest.
It pays to pay your minimum payments on time.
.
FREE Credit Scores for Prospective Borrowers or NOT.
September 5, 2011
It has been just over a month since the new Federal credit score disclosure law went into effect. Lending institutions have already found loopholes to keep from disclosing your credit score when you are denied credit, loan, or if you received less desirable terms because of your score. According to SmartMoney.com there are time you may not get a credit score. These are usually when banks use their own in-house credit scoring system. There are other ways to get your credit score that will not impact your credit rating by going to MyFICO.com Click here for more information.
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