Bank Charges and Credit Card Fees: What You May Not Know About Them

I swear every time I turn around there seems to be another bank fee or unexpected credit card charge. I did a little checking on bank and credit card charges and fees and was a little surprised at what I found out. Here is some information and some tips on how to avoid some of those nasty surprises.

Credit Cards:

It is not always easy to avoid using them; because they are convenient and used wisely they can actually help your credit rating. I have one credit card that I use for emergencies or large purchases. Credit cards do have their place in your financial life, if you use them wisely and if you understand any and all fees associated with using them.

Those little pamphlets they sometimes throw in with your bill, yeah, well you should read those; because credit card companies are known for increasing fees or becoming more stringent on terms and conditions that affect when fees are imposed. Things to watch out for is your grace period. More and more credit card companies are resorting to shortening the grace period to 20 days (the amount of days you have to pay your bill before interest is added). This means you have LESS time to pay your bill before your are charged a fee for not paying on time. This interest fee can be as high as $30 dollars, even if you are only a day late with the payment. The late fee is based on when they receive the payment, not when you mail or make the payment.