Beware These Sneaky Credit Card Charges
Most consumers know to be wary of credit card interest rates and annual fees, but there are a host of other charges that can lead to increased debt, too. Read on for several of the most common surreptitious credit card charges.
Paper Statement Fees
While electronic statements are convenient for many consumers, they’re also a boon to credit card companies who get to dodge the usual postage and mailing costs for paper statements. So, if you haven’t switched over to your card’s e-statement option, you should scan your monthly bill to make sure you aren’t getting monthly paper statement fees. Though they are normally just a few dollars per month, those incremental fees add up over time.
It’s happened to all of us – you sign up for a product or service that is advertised as free, only to realize later that you’re being charged renewal fees after a free-of-charge grace period. Known as a grey charge, this type of unexpected card charge affects nearly 40 percent of cardholders. Be vigilant about scanning your statement regularly in order to guard against these unwanted expenses.
It’s a common misconception that you won’t be charged foreign-transaction fees as long as you’re using your card in the U.S., but many card companies also charge fees for purchases made from foreign-based online retailers. Look for cards with travel rewards, as they often waive fees on these international transactions.
Consumers may save hundreds of dollars or more per year by simply paying close attention to each charge on their credit card statements. Set a reminder in your calendar to check yours monthly and avoid the above pitfalls.
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