9/27/2022
Credit cards are a valuable resource in those moments when you do not have liquidity and there is an emergency, a celebration or a trip. Although it is a great advantage to have it, it may also carry a price, like fees and charges that can be applied by the bank that issues it.
May interest you: Bank of America credit cards
In this article, we detail those expenses that credit cards may include in the United States of America, although it does not mean that you will pay all of them. Each bank will charge the ones it deems appropriate, and it is a good criterion to compare them with each other.
Frequent fees for US credit cards
Depending on the bank you have and its interest policies, the financing charges of a credit card vary. With percentages that exceed 17%, interests plus other charges can increase your debt considerably. That is why we insist on paying everything owed each month or a large part, to reduce your costs to a minimum.
- Annuity: $ 0
- Credit limit: $ 150
- APR: 17.49%
- Annuity: $ 0
- Credit limit: Ask
- APR: 19.49%
- Annuity: $ 0
- Credit limit: Ask
- APR: 22.49%
- Annuity: Ask
- Credit limit: Ask
- APR: 20.24%
- Annuity: Ask
- Credit limit: Ask
In this sense, you should also consider the most common fees, such as:
Annual Fee
Just as there are entities that apply this charge, there are others that do not. This fee is usually associated with specific or exclusive cards that give you a series of additional benefits. If you think you really need these additional services, you can shell out from $50 to $600.
If not, you can simply choose a plastic without this payment and that suits the credit conditions you are looking for.
Cash Advance Fee
You can use the card balance to obtain some cash in your bank account. However, with this method you will pay a charge of 5% to 10% of the money transferred and also the interests if you repay it over several months.
Before using this option, it is preferable to resort to a personal loan, P2P or another type of financing if you need a good amount of cash. To avoid this, simply contract a credit card that does not charge you for this service.
Late Payment Fee
Of course, every time you are late on a payment, you will suffer a late payment charge. The good news is that this fee and others like it are regulated by law.
If in the last 6 months before the delay you have not incurred in this "misconduct", it will cost you $28. On the other hand, if you have done it more than 1 time during the previous 6 months, you will have to pay $39.
It is worth telling you that this can be avoided without much difficulty and by incorporating good habits to take care of your personal finances.
Overdraft or Overlimit Fee
Also regulated by the 2009 CARD Act, it is simply a charge for exceeding the assigned credit limit. It is an abusive practice that in a certain way is on its way to extinction for a very simple reason: the regulations give cardholders the right to agree to this fee during the signing of the contract, which rarely happens.
When you do not have good monitoring of expenses and you exceed, there are 2 types of charges: if it had not happened to you in the previous 6 months, it is worth $28; if you let it happen in that time, it works out to you at $39. Same as with the commission for late payment.
Returned Payment Fee
When, for any reason, the payment to your credit card is invalid or lacks funds, you may incur a penalty. Whether it is a check that bounces or you use an account that is not active, if you do not comply before the payment date, this fee will be applied.
Like the previous ones, the charges are $28 (6 months without incidents) and $39 (more than 1 incident in the last 6 months).
Foreign Transaction Fee
Every time you travel outside the United States and shop in another country, that costs you a percentage of the amount. This can be expensive if it becomes a recurring behavior, since the fee is in the order of 2-3%. The obvious solution, in addition to spending less, is to look for a credit card that does not apply this commission to you.
Balance Transfer Fee
Given the credit conditions of the USA, you have the option of moving the balance of a credit card to another one that has lower interests or does not charge you.
This allows you to consolidate debts at better conditions and when necessary. However, this costs you between 3 to 5% of the transferred amount. Our suggestion: estimate if what you pay is less than what you are going to save.
Compare to avoid credit cards fees
There is no reason for you to be a victim of the charges that credit cards can have in the USA when you understand the importance of intelligent money management. This implies acquiring good financial habits through experience or with our advice.
It is also about knowing how to choose the best banking products available. To do this, you can count on the help of the Busconómico credit card comparator. Here you have accurate information about current offers.
Español: Comisiones de las tarjetas de crédito