Avoid Those Pesky Credit Card Fees and Start Saving Money

Credit card fees are on the rise, and they can really eat away at your finances and your overall credit worthiness. Credit card companies tack on fees for everything from a late payment, to carrying a balance, to transferring a balance to a new card. But did you know that there are ways to sidestep those pesky fees? Here are some tips to help you out:

1. Automate your payments to avoid late fees.

Automate your payments to avoid late fees. Credit card issuers are increasing late fees more and more. By setting up automatic payments online, either through your bank account or from your online credit card account, your payments are sure to be on time. If you know ahead of time that you may be late on a payment, call the credit company to let them know. You may find that they’ll give you a break on the late fee.

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2. Check for double-billing.

Double-billing may occur when you’re charged interest on your entire balance, even if part of it has already been paid off. Basically, you’re paying double the interest – on the current and previous billing cycle’s average daily balances. How can you check if you’re being double-billed? Look on your statement for “Average Daily Balance”, and make sure the credit card company is charging interest on the current billing cycle only.

3. Be careful when transferring balances.

While it’s certainly not a bad move to transfer your existing credit card balances to a lower interest rate credit card, you should still be cautious when doing so. More and more credit card companies are increasing their transfer fees, so it would be wise to check your credit card agreement before you transfer. Look for clauses on the balance transfer fee, and if there is a maximum fee you would be charged. Compare balance transfer fees or rates across different cards as well, to make sure you get the best deal on your transfer.

If you’re looking for a lower interest rate credit card to transfer your existing balance to, iCreditCentral can help you find the best rates. Find and compare credit cards today!

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