InvestorQ : What are a few ways to avoid some credit card fees once you have a credit card?
Pranit Sharma made post

What are a few ways to avoid some credit card fees once you have a credit card?

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Siya Saran answered.
1 year ago

There are many different fees you pay after getting your credit card, out of which some depends on the services availed by you and some are mandatory.

1. Finance charges:
These are variable charges one has to pay on the balance carried forward to next month and credit card’s interest rates. One way to avoid these charges is easy- Pay your balance in full every month. No balance, no interest.
2. Annual fees:
The fee you pay annually for using credit card services. Once you have a card that charges annual fees, it might contain rewards or offers that help you reduce the fees, otherwise, it cannot be ignored. But, if you’re planning to get a card, you can opt for one that does not charge annual fees.
3. Foreign transaction fees:
This fee is levied only when you have paid for purchases outside your country. This fee is always avoidable as no foreign transaction, no fees.
4. Cash advance fees:
Some credit cards allow their customer to take a “cash advance” for which they charge separate and higher interest rates. One should try to avoid adding such balance, to avoid higher interest rates.
5. Late payment fees:
As the name suggests, fees for paying the balance due later than the time allowed. One can avoid these charges by making timely payment of the balance due or complying with any other conditions laid down by the credit card company.

There are several other fees such as Balance transfer fees, Over the limit fee, returned payment fees. All of these can be avoided by not going against the conditions stated by the credit card company.

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1 year ago

Link your credit card with a utility bill. In such a way, the company is assured of transactions and the charges can be waived.