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6 Credit score Card Prices You Ought to By no means Pay

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Credit cards can be a great financial tool to help you build credit to accomplish other goals, as well as an opportunity for you to earn rewards.

However, credit cards can also be associated with high costs. When using credit cards there are some costs that you should do your best to avoid.

1. Annual fee

Does your card have an annual fee? You may be able to do without it. A few years ago when one of my credit card companies added a fee, I called and asked to be lifted – and it was successful. The key is to be a good customer in the past – which means your issuer doesn’t want to lose you – and to be willing to cancel your card if the company doesn’t waive the fee.

Another way to avoid an annual fee is to switch to a credit card that doesn’t charge you a fee. There are tons of credit cards that offer rewards programs and perks without incurring an annual fee. You can find the right one using the Money Talks News credit card search tool.

2. Financing Fee

This is the interest you pay when you have a credit card balance with you month to month. One of the best ways to avoid the financing costs is to pay off your credit card balance in full every month. When paying with your credit card, make sure the purchase is within your budget and you can pay it off before any interest accrues.

Additionally, you can look for 0% annual percentage (APR) cards that offer a temporary deferment for purchases or balance transfers for a set period of time. While it’s not a permanent solution, it is a way to avoid the financing costs for a short period of time.

If you’re unsure where to look for a card like this, see “Beating Credit Card Debt in 2021? Use the Best Balance Transfer Cards. “

Finally, some credit card companies will lower your APR if you just ask for it. If you want to reduce your APR, even if you don’t eliminate it entirely, this can save you money on financing costs.

3. Late fee

Instead of risking paying late and collecting a fee, consider setting up automatic payments with your credit card issuer. With many issuers, you can automatically pay the remaining balance on the due date to avoid the late fee.

If you’ve been charged a late fee, you might be able to waive it by simply calling and asking.

4. Expedited Payment Fee

Make a last minute payment? You may need to pay a fee to have it applied in a timely manner to avoid delays.

To avoid these costs, you can either set up automatic payments, choose a day of the month to pay your bills, or schedule all of your payments at once. Taking a habit of making sure everything is prepaid and having a plan can help you avoid these additional fees.

5. Exceed fee

Your loan issuer cannot charge you an overage fee unless you give them permission to exceed your credit limit. However, if you authorize your card issuer to process fees that would put you over your credit limit, you may be charged a large over-limit fee.

The US Consumer Financial Protection Bureau (CFPB) states:

“Generally, if you have agreed to allow fees above the limit, you may be charged a fee of up to $ 25 if you exceed your credit limit for the first time and a fee of up to $ 35 if you exceed your limit a second time Times exceed within six months. However, the fee cannot be more than the amount by which you exceeded your credit limit. “

To avoid this fee if you have already authorized overage fees, you need to contact your issuer and inform them that you no longer want to allow them. You have the right to do this at any time, says the CFPB.

Find out what process to follow, including whether to send anything in writing. While you will still have to pay the fee for previous fees, you will not be charged any more in the future.

6. Prepayment Fee

When you receive cash on your credit card, you usually have to pay a fee, in addition to the higher APR many card issuers charge for cash advances. Build an emergency fund to reduce the chances of having to resort to your credit card in an emergency.

Disclosure: The information you read here is always objective. However, sometimes we get compensation for clicking links in our stories.

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