Credit card bills can be expensive. They can sometimes cost you more than what you initially expect. It all depends, though, on how much you spend, how often you use your plastic, whether you prudently spend your money or choose to swipe away with temerity, all these things play a part in determining how much trouble you may regularly encounter when confronted by your monthly bill. But regardless whether you are an extravagant spender or whether you sparsely use your card, there is one nasty little bugger that you would not want to see anywhere on your billing, and this „little friend“ (tongue-in-cheek) is called a credit card fee.

There are various credit card fees and different circumstances which may lead to your incurring them on your bill, but fortunately for you, you can avoid these fees by following a few helpful hints and making sure you are disciplined in matters of the pecuniary sort. The most important way to minimise the fees you receive from your credit card company is to pay your bill on time and in full each month. In most cases, if you follow through on this, you will not be billed with finance charges based on your interest rate, and you will be able to have, in a way, a month of absolutely free credit through your card. Staying on top of your finances and managing your credit cards this simple way would reap benefits for any card holder.

However, many people cannot pay their account in full each month, therefore, they incur the most common of all credit card fees, and this is finance charges. Simply put, banks and credit card companies often charge extremely high interest rates to card holders, so if you may only need the extra quid for only a few months rather than on a long-term basis, it would be much more favourable to go with other options, but not a credit card account. Compared to maintaining a large credit card balance, you end up spending less simply paying off a short-term loan.

Another credit card fee is a late fee for when you are late in making your monthly payment. It is common for an individual to be more than capable of making a repayment, but nonetheless accrue large fees due to missing their payment date. If you are late in making your repayment because you don’t have enough money to make it you may need some debt counselling or other advice to help you manage your way out of this situation.

These are just a few of the many fees that credit card companies impose on card holders – but it doesn’t matter if you are a Barclay’s, HSBC, Lloyd’s or even a card holder of a lesser-known bank – know what fees are assessed and the consequences thereof in order to avoid incurring them on your next bill.

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