Most Common Credit Card Fees
As you all fully aware of, credit cards are not free to use, just like anything else in our modern society. Moreover, different types of credit cards charge different types of fees. Here is a collection of the most common credit card fees you should be aware of, before applying for a credit card.
Seven Most Common Credit Card Fees:
- Annual Fee: a fee that’s paid on annual basis. The fee is usually anywhere from $25 to $500 and is charged once a year.
- Application Fee: a fee, which lenders charge for accepting to review an application. The fee is from $25 to $50.
- Cash Advance Fee: a fee that’s associated with obtaining cash quickly. The fee is charged per transaction and is anywhere from 1% to 3% of a transaction.
- Balance Transfer Fee: a fee that financial institution charges for transferring credit card balance from one account to another. This fee is also charged per transaction and is anywhere from 2% to 3% of a transaction.
- Finance Fee: the fee for the credit card convenience. These types of fees vary and, they are charged each and every billing cycle.
- Late Fee: a charge, that’s issued by bank for payments received after the due date. The charge ranges from $10 to $50 per each billing cycle.
- Over the Limit Fee: a charge for having exceeding credit card balance. This charge is from $10 to $50 per each billing cycle also.