Kimbery Credit Counselings Blog
Wednesday, November 07, 2007
Cost That Are Associated With Credit Cards?
Interest - This is added to your credit card balance and is usually approximately 18.9% and may and may be compounded on a daily basis against the balance that you carry on your credit card. Interest is how credit card issuers make money. Interest is alos what makes up the finance charge.
Annual fees - Some credit card issuers charge these fees sometimes up to $75 or more, to your account each year. These fees are sometime called membership fees. The cards that usually don't charge annual fees usually charge more in interest fees.
Cash advancement fees - This is a fee that as you borrow cash against your credit card, the credit card issuer will charge you a fee for this. These fees accumulate interest just like your revolving balance does
Transaction fees - These are fees that are charged to your credit card account if you change your due date, use your credit card, ask to lower your interest rate, transfer money, etc. The creditors have there own guidelines for this. This fee is not a standard fee
Late Fees - When your payment has not been received by the credit card issuer's due date, which is stated on the credit card statement. The fee can range usually from $29 to $35. these fees are very common and can add up quickly. Sometimes they can actually increase your overall balance.
Over Limit Fees - Credit card issuers have the right to charge you a fee if you charge in excess of your credit limit. This is a fee that can range usually from $29-$35 depending on the credit issuer. If you go over your credit limit, most credit card issuers may request that you pay the amount you are over the limit in addidtion to the minimum monthly payment required.
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