Hidden Credit Card Fees You Should Look For | Refresh Financial

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Hidden Credit Card Fees You Should Look For

 Hidden Credit Card Fees

Have you ever looked at your credit card statement, only to be baffled at some of the charges? Like your wireless bill and your cable or internet bill, your credit card statement can be filled with fees and charges you weren’t expecting. It’s always best to go over all the finer points of your agreement with the credit card issuer, but you can also keep your eye out for some of the more common hidden credit card fees.

Foreign Transaction Fees

Your credit card issuer can charge you a fee for converting currency from one to another. This happens often when we shop online at American retailers.

Inactivity Fees

Some credit cards will charge an inactivity fee if you haven't used your credit card in a long time, usually a year. You can avoid this fee and not carry a balance at the same time though,  by using your credit card for purchases you’re already making, and then be paying off the balance in full.

Balance Transfer Fees

When you have one credit card with a lower interest rate, it makes sense to transfer the balance on a higher interest card to the lower. You can save on interest this way. Sometimes, however, credit card issuers will charge you a fee for doing so.

Cash Advance Fees

A cash advance is when you withdraw cash from an ATM against the credit available on your credit card. There is almost always a fee associated with this feature.

Promotional Rates

Credit card companies will often entice new cardholders with an introductory interest rate to grab their attention. If you don’t do your homework, you could find yourself with a high-interest credit card after the promotional period ends. Avoid this by reading through your contract closely.

Reward redemption fees

If you've decided to redeem your rewards, you may be charged a reward redemption fee. If this fee is part of your contract, you can avoid excess charges by lumping together your rewards redemptions.

These are just a handful of the hidden fees you might find on your credit card statement. It's always advisable to go through your credit card statement with a fine-toothed comb. It's a great practice for many other reasons as well, including keeping your account in good standing and improving your credit.

Have you discovered any hidden fees on your credit card bill? Let us know in the comments!

 

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