10 common credit card fees and what you should know about them

• Annual fee.
• Finance charge.
• Late fee.
• Balance transfer fee.
• Over-limit fee.
• Cash advance fee.
• Expedited payment fee.
• Foreign transaction fee.

What does no fees mean on a credit card?

A “no annual fee” credit card is one that does not charge a yearly fee simply for the convenience of having the card. Despite the lack of an annual fee, many of these credit cards offer significant rewards, including cash back or miles earned on purchases.

Are there any fees associated with using a credit card?

Credit card issuers can charge you any number of fees, from interest charges to over-the-limit fees and beyond, based on how you manage your account. The good news? Most of these fees can be avoided by using your credit cards responsibly.

How are convenience fees and credit card surcharges different?

Surcharges are the fees that cover the cost of a card transaction. While convenience fees are charged for payment methods that a merchant doesn’t usually accept. For example, a company might charge a convenience fee when you pay over the phone instead of online. How to Calculate Credit Card Convenience Fee?

Are there any credit cards that don’t charge foreign transaction fees?

Some credit cards don’t charge foreign transaction fees. The ones that do usually charge about 3% of the transaction amount. Plan ahead and keep cash if you know you’ll be making purchases in other currencies or seek out a credit card that doesn’t charge foreign transaction fees.

Are there any credit cards that don’t charge late fees?

Some credit cards don’t charge late fees — such as the Citi Simplicity® Card – No Late Fees Ever — but paying late is a terrible habit to get into. If you’re more than 30 days late, it can hurt your credit score. 7. Over-limit fee