Credit cards are an almost essential part of many people’s lives, because they allow you to improve your cash flow and have more financial freedom. However , if you use credit cards too much or within the wrong way you can be stung with large credit card fees and penalties. Avoiding these types of fees will help you to cut the costs of using a credit card and get the most out of its benefits. If you want to know how to avoid these credit card fees then this short article can help you do just that.
A grace period is the time you have to pay off your credit card debt before you begin paying interest. Although many cards had good grace periods, these are decreasing and some have none at all. This means you will start accruing interest as soon as that you make a purchase. If your card has a grace period, then the easiest way to avoid extra interest charges would be to pay off the balance in full before the end of each grace period. This will suggest you can use your credit card without having to pay out interest.
One of the most expensive fees you might have to pay is for late payment. Although you might not think this will apply to you, it is very easy to become a day or two late with payment, especially if you have a lot of cards and bills. Late payment costs can be as much as £35, and when you are near the end of your borrowing limit could trigger other penalties such as over limit fees. Before you understand what has happened you might owe £100 in fees, which is basically money wasted. To avoid these late fees, try and pay your bill simply by direct debit if possible, or use online banking to speed up the process of paying your bill. This will ensure that your money arrives on time.
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If you think you will be late with payment, try calling your credit card company to tell them. If they know it will be past due they might be able to waive the charges fee, especially if you usually pay on time.
Another fee that can cost you money is the credit card annual fee. Although this fee was previously commonplace, less and less cards are now charging an annual fee. Unless you have a gold or platinum card, then you really shouldn’t have to pay an annual fee. However will be some issuers charging annual fees, unless the benefits you get for your fee are significantly more than the fee you should find another card.
More than just the fees
Perhaps the biggest problem with some of these penalty fees is that if you have to pay them, it can mean more money lost for you than simply the charges fee. For example , if you are late along with payment a few times, the card issuer might remove your low interest rate. This could find yourself costing you a lot of money, especially if you have a large balance on your card. To avoid these fees, make sure you carry out your payment obligations, and also read the agreement in full before signing for the card. That way you will know what the fees are usually in case the worst should happen.