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Fees You Shouldn't Have to Pay

submitted on September 15, 2010 by pablos17 in "Member's Lounge"
1. Free checking fee. Some banks are starting to attach more strings to their free checking accounts. That is, you'll have to pay a monthly fee unless you meet certain criteria (see Free Checking Is Tougher to Find). However, several online banks and community banks and some major banks still offer free checking without all the requirements to qualify.

2. Balance-transfer fee. Some credit-card companies now charge up to 5% for balance transfers. So before you transfer a balance from one card to another with a low or 0% introductory rate, you should do the math to see if the amount of interest payments that you save with the introductory offer outweighs the balance-transfer fee that has to be paid immediately. See Are Balance Transfers Still a Good Deal? You might find that you'll get a better deal by negotiating down your rate on your current card.

3. Retailer credit-card fees. The new credit-card rules make it harder for retailers to extend credit on the spot. However, that doesn't mean you'll no longer hear "Do you want to save 10% on your purchase today by opening a card account with us?" The discount is tempting, but these cards usually come with higher interest rates than traditional credit cards. If you don't pay your bill in full, that discount you got will quickly be wiped out by the high rate you'll be paying on your balance.

4. Credit-card late fees. Although the new credit-card rules prohibit card issuers from charging $25 for a first-time late payment, issuers can charge $35 if you're late a second time within six months. To avoid these fees, sign up for payment alerts from your credit-card company. You'll receive an e-mail or text message several days before your bill is due.

5. Rewards card annual fees. An increasing number of rewards cards charge an annual fee. However, there are cards with great perks and no fees. BillShrink.com recommends Capital One No Hassle Miles Rewards, Chase Sapphire Card, and Pen Fed Visa Platinum Cashback Rewards.

6. Directory assistance fees. Calling 411 can cost $1.25 or more. You can get free directory assistance by calling 1-GOOG-411 or 800-FREE-411.


-I have used Google 411 for over a year now and love it. I especially like how I can search for a business by zip code.

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http://www.kiplinger.com/colum.....aying.html
     

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  Comments
  • 79430
    vectra5
    professor
    3 1 1
    Posted by vectra5 on September 15, 2010 [reply] 0 0
    I thought chase sapphire card comes with an annual fee?
  • 79470
    midget
    professor
    5 3 2
    10 6 2
    Posted by midget on September 15, 2010
    [reply] 1 0
    another one you should never have to pay: the fee it costs to swipe your debit card. Especially when you are using it as credit and not straight debit.

    But according to the news last night, this may change. Retailers in the future may not be able to charge you extra for that swipe.
      79481
    • pablos17
      deity
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      Posted by pablos17 on September 15, 2010 [reply] 0 0
      I believe that a merchant charging extra for you to use a credit/debit card is against Visa/MC regulations. At my previous job I was a Visa/MC rep. However, I have heard recently that merchants are going to be allowed to enforce a minimum purchase requirement.
  • 79482
    midget
    professor
    5 3 2
    10 6 2
    Posted by midget on September 15, 2010
    [reply] 1 0
    It's against policy to charge a fee when one uses a real credit card (yet people still do it). It's still ok to charge a fee on a debit card but hopefully that will change too.

    But last night on the news they were saying that if this happens then more than likely retailers will up the costs of their products.

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