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Sun Credit Union

Friday, 22 November 2019 12:54

Common Credit Card Fees and How to Avoid Them

Most people rely on credit cards for daily purchases at the grocery store, gas pump, and preferred shopping spots. Though convenient, the reality is that credit cards often come with fees. In fact, Americans collectively pay millions of dollars in credit card fees every year. If you aren’t familiar with these fees, SUN Credit Union in Hollywood, Florida, can help break them down for you. Our staff has gathered information on some of the most common fees people face and how to avoid them. We look forward to saving you money in the coming year!

Annual fees

Annual fees are a flat-rate charge for keeping your credit card account open. Providers charge this fee automatically every year in exchange for the benefits that come with that card. Some issuers may waive this fee the first year, but it’s better to look for a card that doesn’t charge an annual fee at all.

Balance transfer fee

To help keep interest fees at bay, people with a large credit card balance can transfer it to another card. The downside is that this transfer comes with a 3 – 5% fee depending on the amount. A balance transfer may be an attractive solution if the new card has a 0% interest offer for the first 12 months. If this is the case, a transfer can save you money in the long run.

Cash advance fee

When you use your credit card at an ATM to withdraw funds, this could result in a cash advance fee. Your best bet to avoid this fee is to keep your SUN Credit Union debit card on hand, as well as cash, when you go out. At SUN Credit Union, we recommend using a cash advance only in case of an emergency.

Over-limit fee

Instead of declining your card when you spend more than the limit, some creditors will charge an over-limit fee. Based on the terms and conditions in your contract, this fee can range from $25 – $35. SUN Credit Union suggests checking your statement every month and keeping your balance low so you don’t get close to the maximum.

Check the Cardholder Agreement

Fees often differ between credit cards, which is why you should review the cardholder agreement when you sign up for any credit card. If anything is unclear, don’t hesitate to call the issuer so they can address your concerns. The goal is to reap the benefits of your card without paying more than you have to.

Save More With SUN Credit Union

Want to save even more? Earn double points on purchases from 11/12/2019 – 12/31/2019 through SUN Credit Union. Learn more about this promotion at SUN Credit Union.

SUN Credit Union is a not-for-profit financial institution run by the people, for the people. We give profits back to members with low or no fees, amazing loan rates, and memorable service with a personal touch. As a proud member of the South Florida community since 1946, we encourage you to reach out to our team. We can provide you with the information you need about common credit card fees and how to navigate them.

Last modified on Saturday, 23 November 2019 20:22
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