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Credit Card Disclosure Table - Do You Understand It All?
In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. The most common fees are listed below. To get a better idea of what your credit card may cost to use over the course of a year, check your card's terms and conditions and your user agreement to see which fees may apply to you. Annual fee: An annual fee is charged for the privilege of having the card, whether you ever use it or not. Many credit cards offer no annual fee and a low interest rate to their best customers, or to those with excellent credit. If you're trying to recover from a bout with bad credit, your only choice may be a card with a relatively high annual fee. In that case, look for one with the lowest APR you can get, and be careful to avoid triggering other fees. Cash advance fee: When you use your credit card to get a cash advance, there is often a cash advance fee. It may be a flat fee per cash advance (say $5, no matter how much cash you borrow), or a percentage of the amount advanced - 5%. This fee is in addition to interest that you will pay on the amount. Balance-transfer fee Usually, when you transfer the balance of one card to another, the credit card company will charge you a balance transfer fee. Like the cash advance fee, it may be a flat rate, or a percentage of the amount of the transfer. Late-payment fee If your payment is not received and posted by your credit card company after the due date, you will be charged a late payment fee. The late payment fee will be added to your credit card balance. In many cases, if you are late with a payment more than once, or a certain number of times within a specified period, your interest rate will also rise in addition to the late payment fee. Over-the-credit-limit fee: If you go over your credit limit on your credit card, you will often be charged a flat fee in penalty. Credit-limit-increase fee: You usually must pay a credit limit increase fee if you request that your credit limit be raised. Set-up fee: When you open a new credit card account, the credit card company may charge a one-time setup fee which may be anything from $19 to $149. Return-item fee: This is essentially a bounced check fee. If you make a payment on your account by check, and the check is returned by your bank for non-sufficient funds, the credit card company may charge you a returned-check fee. Other fees: Depending on the credit card company, and the card offered, you may be liable for other fees, including fees for making payments by phone, for checking your account online, for establishing an online bill paying service or for providing other customer service. Be sure to read your credit card's terms and conditions to see what charges and fees you're liable for paying. Joseph Kenny is the webmaster of the credit card comparison sites http://www.credit-cards-info.com/ and also http://www.creditcards121.com/ MORE RESOURCES:
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GOOGLE SEARCH 5 Things Your Credit Card Company Keeps Quiet About Credit Cards can bankrupt you if you let them run away from you. The various Credit Cards companies are in it for profit so they will not generally alert you to things you can do to save yourself money. Free Credit Reports Now Available From the FTC The Federal Trade Commission (FTC) has set up a new website (www.AnnualCreditReport. Restore Your Credit Rating And Reduce Your Debts Your credit rating affects many areas of your life. Opening new credit accounts, buying a home or car, getting a new job, and receiving discounts on insurance rates are just a few of the things that are impacted by your credit score. Free Credit Report - Watch Out for Scams Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U. Online, Phone, U.S. Mail or In-Person: Where is Your Credit Card and Personal Identify Safest? Identity theft is the fastest growing crime according to the Federal Trade Commission (FTC). It occurs when someone takes a piece of your personal information and uses it without your knowledge to commit fraud or theft. Do You Know Whats On Your Credit Report ? It is important to know your credit rating for a number of reasons. Believe it or not there may be errors in your credit report, and it is essential that you repair them immediately. Make Sure Your Credit Report Is Correct to Improve Your Interest Rates And Lower Insurance Premiums Did you know that you could make sure to get the best rates on your auto and homeowners insurance simply by having a good credit score.Additionally a great credit score will allow you to get the best interest rates on your credit cards, car loans and even your home mortgage. Free Credit Reports: From The 3 Major Credit Bureaus! Get your credit report online for FREE. Many financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. Your Credit Score Credit scores: all lenders use credit scores to determine interest rates and credit limits.The credit scoring system was developed in the early 1950's. Useful Tips on Borrowing Money Here are some useful tips on borrowing money. Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. A Debt Mentality While working through my own debt situation, and helping others resolve their life issues regarding debt and credit, it never ceases to amaze me how similar the life stories are and how profound is the effect of debt on the way a person thinks about life, irregardless of how much money they have or don't have.I remember being in junior high school hearing my father say something to the effect of "you only have as much money as you have credit. Learn About Prepaid Credit Card Prepaid credit cards also called stored value card can be ideal for individuals who are unemployed, have bad credit or difficulty obtaining an unsecured credit card. Prepaid credit cards are also excellent for individuals who have a hard time controlling their spending and prevent the individual from overspending and getting into credit card debt. Recognizing the Signs that You Might Need Credit Counseling Most families in America today have a credit card; some have two or more. The type of credit card you own, gold, platinum, ext, is almost a status symbol in society. Warning: Free Credit Report Imposter Websites Springing Up on the Web A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer credit reporting companies to provide consumers with a free copy of their credit report, upon request, once every 12 months.Access to the free credit reports has been phased in beginning last December in the West and will finally be nationwide by 1 September. Low Interest Credit Cards Have Many Advantages When credit cards are used wisely they can be very beneficial to the consumer. A low interest credit card can be exceptionally beneficial. How To Use Your Credit Card For Ultimate Financial Advantage Using a credit card wisely is an important step in building a great credit rating. If you're trying to re-build your credit or if you're young and just starting out, pay close attention the next time you receive a new card offer in the mail or online. Choosing The Best Credit Card To Apply For Always shop around to get the best deal when choosing which credit card to apply for. If you don't do your due diligence you could end up with a card that has too high of an interest rate, that has an unnecessarily high annual membership fee, etc. Repair Your Credit - The Right Way! How to Repair a Bad Credit Rating?The Right Way!If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that. What You Should Know About Credit Counseling Credit counseling is a free service that many people with money problems have turned to in the face of financial ruin. Credit counseling companies negotiate with your creditors to reach financial solutions that benefit both you and your creditors. 0% Credit Cards These days, credit cards in the UK are competing with each other on two very attractive offers with a headline rate of 0%. These 0% credit cards will be either balance transfers; introductory purchases offers or a combination of the two. |
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