When it comes to credit cards, there are a lot of fees that can quickly add up and take a toll on your finances. From annual fees to late payment fees, it can be overwhelming to keep track of all the charges. However, not all credit card fees are created equal. In this article, we’ll explore which of the following is not a common credit card fee.
First, let’s go over some of the more common fees you may encounter with a credit card. The annual fee is a charge that some credit card issuers may assess each year for the privilege of using their card. The interest rate, or APR, is the amount charged on any balances you carry over from month to month. Late payment fees are charged when you miss a payment or don’t pay the minimum required on time. Balance transfer fees are assessed if you move a balance from one credit card to another. Cash advance fees are charged when you withdraw cash from your credit card.
So, which of these fees is not a common credit card fee? The answer is actually none of the above. All of the fees mentioned above are fees that you may encounter with your credit card. However, there are a few lesser-known fees that you may not be aware of.
One of these fees is the foreign transaction fee. If you use your credit card while traveling outside of the country, you may be charged a fee for each transaction you make. This fee is typically around 3% of the transaction amount and can quickly add up if you’re using your card frequently while abroad.
Another lesser-known fee is the returned payment fee. This fee is assessed if your payment bounces, whether it’s due to insufficient funds or some other reason. Like late payment fees, returned payment fees can add up quickly and make it even more difficult to get out of debt.
In conclusion, while there are many common credit card fees that you should be aware of, there are also some lesser-known fees that can catch you off-guard. As a responsible credit card user, it’s important to read the fine print and understand all of the fees associated with your card. By doing so, you can avoid unnecessary charges and keep more money in your pocket.
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