Fight Fees With Low Fee Credit Cards

Fight Fees With Low Fee Credit Cards
Do you​ have credit cards? Do you​ know exactly which fees you​ pay,​ and how much of​ your monthly payment is​ devoted to​ such fees? If not,​ you’re in​ good company; too many of​ us don’t know exactly what we’re paying for when we make our monthly payments .​
And card companies have been accused of​ making credit card terms and conditions too complicated for the​ average card holder to​ understand .​
What’s a​ consumer to​ do?
First,​ know what’s out there .​
Fees come in​ the​ form of​ annual fees,​ late fees,​ penalties,​ fees for cash advances,​ fees for international purchases,​ and even fees for paying your bills over the​ phone .​
Fees are a​ slight nuisance to​ us,​ but they are big business for card issuers,​ who took in​ $25 billion in​ late and other fees in​ 2018 .​
There are some steps you​ can take to​ reduce the​ amount of​ money you​ pay out in​ fees .​
First,​ sign up for a​ card that does not charge an​ annual fee .​
Never use a​ credit card to​ take out a​ cash advance at​ an​ ATM .​
Those cash advances incur an​ average 3% fee upon withdrawal,​ and begin to​ accrue interest right away .​
Some interest rates on​ cash advances can reach 25%! That’s throwing money away.
Likewise,​ don’t use convenience checks .​
They incur fees when used,​ and more fees if​ they get return or​ if​ you​ place a​ stop on​ them .​
Convenience checks and cash advances might have been no-brainers,​ but did you​ know that using your credit card to​ purchase money orders or​ lottery tickets can also bring fees? It’s best to​ use cash or​ debit for those purchases.
International travelers will find foreign-transaction fees on​ their credit card statements,​ and to​ make matters worse,​ these fees aren’t always accurate .​
Travelers abroad who purchased items with their credit cards early in​ 2018 are now entitled to​ refunds .​
(Visit or​ contact your card company to​ see if​ you​ qualify for this refund.)
If you​ don’t want to​ throw your money away on​ hidden fees,​ think about applying for one of​ the​ best low-fee credit cards .​
According to​ Kiplinger.Com,​ the​ best of​ the​ best are ranked thus: Simmons First National Bank (P),​ with a​ recent interest rate of​ 7.25% and a​ cash advance rate and fee of​ 11.25%/3% .​
This card has no annual fee,​ and a​ 25 day grace period .​
Late and over-limit payments are subject to​ $29 fees.
Next is​ the​ Capital One Platinum Prestige (P),​ with a​ recent interest rate of​ 7.9 and a​ cash advance rate and fee of​ 19.8%/3% .​
This credit card doesn’t charge an​ annual fee,​ and carries a​ grace period of​ 25 days .​
Late payments and over-limit charges are subject to​ respective fees of​ $35 and $29.
Finally,​ we have the​ Pulaski Bank & Trust (G) .​
It has a​ recent interest rate of​ 7.99 .​
Cash advances come at​ a​ 7.99% rate and no additional fee .​
There is​ a​ $50 annual fee and a​ 25 day grace period .​
Late payments and over-charges will both garner a​ $29 fee.
How bad are credit card fees? They’re not pretty,​ but you​ do have some control over the​ card you​ choose to​ carry .​
Remember,​ if​ you’re uncertain about certain fees,​ call your card company and ask someone to​ explain them to​ you​ .​
That’s what customer service is​ all about.
Fight Fees With Low Fee Credit Cards Fight Fees With Low Fee Credit Cards Reviewed by Henda Yesti on November 16, 2018 Rating: 5

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