Last year, the Credit CARD Act was passed. All of the rules are in effect, including some limits on fee amounts, and requirements that credit card companies be more transparent. However, just because some fees have disappeared and some credit card practices have been discontinued, it doesn't mean you can relax. There are still plenty of fees cropping up. Be aware of the following credit card fees, and double check to make sure your card is not charging them.
Rewards fees: Believe it or not, you might have to pay money to use your rewards points. You may have to pay anywhere from $5 to $50 to redeem travel miles, or other rewards. Before getting excited about a rewards program, read the fine print.
Buying rewards points: Another issue is that it costs so many points anymore to travel. So you can buy more reward points to round it out if necessary. Do the math, because by the time you pay the per-mile cost, plus the transaction fee, it might not be worth it.
Getting rewards points back: If you pay late, some credit cards will take away your reward points for that month. If you want them back, you have to pay a fee.
If you aren't happy with your credit card fees, and if you are a good customer with a good credit score, you might consider switching cards -- and making sure your issuer knows exactly why you are leaving.
--Miranda
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