If you’re a young man or woman looking forward to getting your first credit card, you should be aware of the fact that not all banks are willing to give you rewards, through cash back credit cards or travel rewards cards!
According to WFLA, a recent study revealed that quite a few cards come with some hidden costs you may not know you’re paying for.
Not one, not two fees…
After checking 100 popular cards, it was found out that the average credit card charges up to six potential fees. And this is now all, since some of them take this number up to twelve!
Basically, the fees can be for cash advance, over-limits, annual memberships and so on, totaling even hundreds of dollars per year. And yes, this is something nobody wants!
Still, to our surprise, the most overlooked fees are balance transfer ones, since a lot of banks still charge you for this.
“Balance transfer fees are a big deal, especially with so many people wrestling with credit card debt,” says Matt Shulz, from Creditcard.com.
When asked about this whole situation, The American Banker Association issued a response: “Today’s credit card market offers consumers more options than ever before… Consumers are in the driver’s seat when it comes to selecting a card that best meets their needs and taking simple steps to avoid fees.”
Forget about those annoying fees!
On the other side, we have some good news as well! Even though these fees exist, it’s not mandatory to pay them. Specifically, you can simply get cards to waive the fees, no matter we’re talking about annual or late payment fees. A lot of people are already doing this and a big amount are doing it successfully!
The same Matt Schulz advises credit card users to consider this when it comes to other bills as well.
“I can’t tell you how many times I’ve had luck getting one of my bills lowered just by calling and finding out if there are any cheaper options you can take advantage of.”