Are you paying fees that are too high?
10 September 2008
Credit cards come with all types of fees. There are annual fees, penalty fees, reward fees, cash advance fees, and other fees that you might not be aware of. When researching credit cards, make sure you're aware of any possible fees you might be hit with.
If you want to save money and possibly avoid fees, make sure you understand:
- How repayments are handled.
- When your repayment dates are.
- How your interest is being calculated.
- What cash advance fees apply.
- What fees are charged for any overseas transactions.
- What the secondary cardholder fees are.
- What penalty fees apply and for what offences.
Some banks may offset a no annual fee credit card with higher interest rates. It is important to be fully informed before you make a decision on what credit card will suit you best. Many banks offer credit cards with very reasonable fees and that have low interest rates. If you're after a credit card on a budget, this type of no frills credit card might suit you best. But if you're interested in a rewards program, look for credit cards that don't charge excessive fees for you to use the rewards. If you want to consolidate, look at balance transfer options.
Compare credit cards and find the credit card that has fees that suit you.
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