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Credit Card Fees

All credit cards have fees. But not all cards have the same fees or the same rates for determining fees. What are those fees?

Annual fee a simple charge for letting you have a card

Cash advance fee. This is charged when you take a cash advance from your credit card. It can be a flat fee or a percentage of the amount advanced. There may also be an increased finance rate on the cash.

Balance-transfer fee. When you transfer an amount from one card to another the new company may charge you a balance transfer fee. Again it might be a flat rate or a percentage of the amount transferred.

Late-payment fee. Charged if your payment does not arrive prior to the due date on your statement.

Over-the-credit-limit fee. Charged if you go over your credit limit

Credit-limit-increase fee. Charged if you ask for an increase in your credit limit

Set-up fee. Charged when a new credit card account is opened

Return-item fee. If you pay your bill by check and the check is returned for non-sufficient funds or bounced, they will charge you this fee

Other Miscellaneous fees. Some credit card companies charge a fee if; you pay by phone, request special services, review your account, or reporting to credit bureaus.

Make sure you read the information in your credit card agreement to see if there are other fees and charges. When card shopping choose the cards with the lowest and fewest possible fees to help save yourself money.

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