(WTNH)– If you or your college student are in the market for a new credit card – listen up! We are stretching your dollar with the results of a study that revealed some hidden costs you may not know you’re paying for.
Every month like clockwork… Your credit card bill and inside of many fees. Creditcards.com is crunching the numbers by looking at 100 popular cards and finding that the average credit card charges six potential fees! And some as many as twelve!
Fees on everything from cash advances to over-limits and annual memberships that can amount to hundreds of dollars a year. The most often overlooked fee?
“Balance transfer fees are a big deal, especially with so many people wrestling with credit card debt,” said Matt Shulz, Creditcard.com.
Topping the list with the fewest fees? Pentagon federal credit union promise Visa, which carries just one. Capital One Platinum. Spark classic from Capital One and Sam’s Club MasterCard? Also topping their list of cards with the least fees.
The American Bankers Association released a response to the study, saying “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.”
And remember just because the fees exist doesn’t necessarily mean you have to pay them!
“You can absolutely get cards to waive the fees, whether it’s an annual fee or a late payment fee and people would be stunned at how often people are successful,” said Shulz.
Take this advice to your 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. Remember they want to keep you as a happy customer. They know the competition will lure you over if you’re not.