Credit card companies are sneaky when it comes to charging consumers; they have every kind of free you can think of. We call these "nuisance" fees. But if you understand them more, these fees can certainly make you more angry than irritated. Among the charges you can expect include:
• Inactive account fee
• Not carrying a balance fee (and/or carrying a balance under a specified amount)
• Annual flat fee
• Balance transfer fee
• Late payment fee
• Over-the-limit fee
• Increase in credit limit fee
• Set-up fee
• Return item fee
• Fee for paying through telephone
And the list goes on. So wherever you look, credit card companies are just waiting on pound. When you don't pay off your debt on time, there are all sorts of charges. Late payment fees are understandable but not if it reaches $40. In addition to the late payment fee, not paying your bills on time also means paying more in interest rates and finance charge among others.
On the other hand, there's no escape even for card holders who pay off their debts on time. Some issuers actually charge you for not carrying a balance. Basically, they want you to be in debt all the time so they can keep on charging you with high interest rates, late payment fees, and other charges.
Fine Print
You've probably heard this many times over but we'll repeat it again: Read the Fine Print. As you can see from this article, a lot of cardholders are inevitably hit with fees and charges they know nothing about until they're asked to pay. Cardholders are already paying for the privilege of having a credit card through the annual fee, most charges are unreasonable. Uncovering these hidden charges will help you decide which company offers the best deal.
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