Having a credit card in this day and age is almost a necessity. Not only do many companies require that you have one of these on file, but there are just as many people who utilize these credit cards as a way to get their credit ratings to go higher with proper credit techniques. With this being said, when shopping around for a credit card, you must be aware of the sneaky credit card fees that many companies place into the contract, but most people are not even aware of these.
These sneaky credit card fees could mean that you are paying more for the credit that you have, while this is not benefitting you at all. What is worse is that these fees may be disguised in a way that makes it nearly impossible to realize that you are being charged for certain aspects of your credit card.
Fees to watch out for
Though there are several fees to watch out for, the following sneaky credit card fees are some of the most offensive fees that have been seen by people:
- A fee for adding an authorized user that is charged to the account each month
- Fees for asking for statements, even via the online profile you may have set up
- A reopening fee for those who may close their account then decide to reopen it
- Fees for when you make what they consider an alternative payment such as with a debit card or via the phone
- A onetime processing fee for when you first use the card
- Annual fees just for being a card holder with that company
In most cases, sneaky credit card fees are usually six fees per one card that most people are not aware that they are even paying.
How to Spot Sneak Fees
The main question that people ask is just how they can spot these fees that credit card companies are adding onto your bill. The sad part is that most of us when we open a bill, we simply look at the payment that is due and write out a check or pay this online. We are not looking at why the payment is what it is. Therefore, that is the first step in combating these fees, you must look at your bill. A few aspects to take notice of on your bill are:
- Interest that is being charged
- Additional fees that are being tacked on
- Many times these fees may appear to be hidden behind other fees, so pay close attention
For those who find these fees, chances are your credit card company is not going to change these fees for you. These are fees that are put into the printed terms and conditions that you agreed to once you used the card. So it is nearly impossible to get these fees waived.
Avoiding these Fees
Once you start paying on these sneaky credit card fees, it can be hard to get away from them. So that is why it is important to avoid these fees. The only way to do this is through shopping around for a credit card that is not going to tack on these fees. It can be difficult to find a card that does not charge any fees, so you must look at what is important to you in terms of what types of fees you are going to have to pay. Here are some tips to help you in your search:
- Ask to read a complete terms and conditions before deciding to go with any company
- Thoroughly read through all paperwork, as these fees may be listed in tiny print that is hard to see through just skimming the paper
- Ask questions to customer service, and specifically ask about the fees that they charge. They will have to disclose this information to you.
- Look at reviews of that credit card company from other people, did people complain about the fees that they charged? Were there fees that seemed to be ridiculous?
If you cannot find a company that you feel comfortable in doing business with, then do not just settle for whatever may come your way. With sneaky credit card fees it can be possible for a person to only pay a small percentage of their credit card with their minimum payment, while the rest goes to the fees that these companies are charging. There are several other card choices out there, thus you do not have to settle for the one that is going to charge you fees for accessing you own bill or adding on your spouse as an authorized user.
The key is to do your homework, realize that these sneaky credit card fees do exist, and educate yourself so that you are not the person who ends up realizing that they paid several thousand dollars in fees that they did not know they were paying.