Bank cards are an almost essential part of several 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 in 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 away from its benefits. If you want to know how to prevent these credit card fees then this article can help you do just that.
A grace period is the period you have to pay off your credit card debt before you start paying interest. Although many cards had good grace periods, these are decreasing and some have none at all. This implies you will start accruing interest from the moment that you make a purchase. If your card does have a grace period, then the best way to avoid extra interest charges is to pay off the balance in full before the end of each grace period. This will mean 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 can 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 fees can be as much as £35, and when you are near the end of your credit limit could trigger other penalties such as over limit fees. Before you know what has happened you might owe £100 in fees, which is basically cash wasted. To avoid these late charges, try and pay your bill by direct debit if possible, or use online banking to speed up the process of paying your bill. This will keep your money arrives on time.
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If you think you will definitely 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 promptly.
Another fee that may cost you money is the credit card annual fee. Although this fee used to be 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. Although there will be some issuers charging annual fees, unless the benefits you get for that fee are significantly more than the fee you should find another card.
More the fees
Perhaps the biggest issue with some of these penalty fees is that if you need 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 may remove your low interest rate. This could end up costing you a lot of money, especially if you have a large balance on your card. In order to avoid these fees, make sure you carry out your own payment obligations, and also read the agreement in full before signing for the cards. That way you will know what the fees are usually in case the worst should happen.