Comments on: 8 credit card fees to beware http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/ Personal Finance Columnist Mon, 08 Mar 2010 11:40:55 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Denise http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-310 Denise Fri, 07 Aug 2009 17:18:54 +0000 http://asklizweston.com/?p=1291#comment-310 Let's not forget the new practice of arbitrarily raising the interest rates. My Chase card was raised 7% even though I've never missed a payment or even been late to anyone ever. My sister who also has excellant credit was raised (also by Chase) to a whopping 33%. Needless to say these accounts have been closed and we are taking our business else where but many do not have that option as they need to pay off their balances first (at the new higher rate). Let’s not forget the new practice of arbitrarily raising the interest rates. My Chase card was raised 7% even though I’ve never missed a payment or even been late to anyone ever. My sister who also has excellant credit was raised (also by Chase) to a whopping 33%. Needless to say these accounts have been closed and we are taking our business else where but many do not have that option as they need to pay off their balances first (at the new higher rate).

]]> By: Gordon's Credit Report http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-238 Gordon's Credit Report Wed, 29 Jul 2009 12:26:13 +0000 http://asklizweston.com/?p=1291#comment-238 The different fees charged by credit card issuers can be tough to bear. So, make sure you are informed about all the fees before a credit card issuer is approached. The different fees charged by credit card issuers can be tough to bear. So, make sure you are informed about all the fees before a credit card issuer is approached.

]]> By: lizweston http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-234 lizweston Wed, 29 Jul 2009 01:01:08 +0000 http://asklizweston.com/?p=1291#comment-234 BofA has been pelting my husband and I with those checks and you're right, they carry a 4% fee now. It's revealed in teeny tiny type. Smaller, of course, than the type touting the "extra cash flow" and the simplicity and convenience of using the dastardly things. BofA has been pelting my husband and I with those checks and you’re right, they carry a 4% fee now. It’s revealed in teeny tiny type. Smaller, of course, than the type touting the “extra cash flow” and the simplicity and convenience of using the dastardly things.

]]> By: Shawanda http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-233 Shawanda Tue, 28 Jul 2009 23:40:16 +0000 http://asklizweston.com/?p=1291#comment-233 About a month or so ago, I was reading the fine print on my Bank of America access checks. I noticed the fee charged for the privilege of using them jumped from 3% to 4%. I wouldn't use these checks, but I was interested in seeing how banks would start sneaking in ways to increase their profit margins in anticipation of the new credit card legislation. To be fair, I'm not sure if the increase in the balance transfer fee occurred before or after the law was passed, but I expect other card issuers to follow BoA's lead. About a month or so ago, I was reading the fine print on my Bank of America access checks. I noticed the fee charged for the privilege of using them jumped from 3% to 4%.

I wouldn’t use these checks, but I was interested in seeing how banks would start sneaking in ways to increase their profit margins in anticipation of the new credit card legislation.

To be fair, I’m not sure if the increase in the balance transfer fee occurred before or after the law was passed, but I expect other card issuers to follow BoA’s lead.

]]> By: lizweston http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-232 lizweston Tue, 28 Jul 2009 23:14:26 +0000 http://asklizweston.com/?p=1291#comment-232 I think you're right, Adam, although there will continue to be strong competition for the good credit big spenders. I think you’re right, Adam, although there will continue to be strong competition for the good credit big spenders.

]]> By: Adam http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-230 Adam Tue, 28 Jul 2009 18:29:50 +0000 http://asklizweston.com/?p=1291#comment-230 In the next year or two, I believe the average late fee will go over $40 and some cards will even have a $50 fee. Int'l transactions fees, usually at 3% now, will go to 4% or even 5% as a standard. Rewards are likely to become more stingy, too. Between the economy & the new credit card law, issuers are going to be much tougher with cardholders where they can be. In the next year or two, I believe the average late fee will go over $40 and some cards will even have a $50 fee. Int’l transactions fees, usually at 3% now, will go to 4% or even 5% as a standard. Rewards are likely to become more stingy, too. Between the economy & the new credit card law, issuers are going to be much tougher with cardholders where they can be.

]]> By: lizweston http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-227 lizweston Tue, 28 Jul 2009 18:20:42 +0000 http://asklizweston.com/?p=1291#comment-227 Okay, that makes more sense. The Schwab card has a nice 2% cash back reward as well, with the rebate deposited into your Schwab investment accounts. One hitch is that its balance transfer/cash advance fees are high: 4%. If you avoid that, though, could be a good card for a traveler. Okay, that makes more sense. The Schwab card has a nice 2% cash back reward as well, with the rebate deposited into your Schwab investment accounts. One hitch is that its balance transfer/cash advance fees are high: 4%. If you avoid that, though, could be a good card for a traveler.

]]> By: lizweston http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-225 lizweston Tue, 28 Jul 2009 18:18:51 +0000 http://asklizweston.com/?p=1291#comment-225 Good plan, although I think those of us with good credit will probably continue to have plenty of no-fee options. It's the folks without good credit who may get stuck. Good plan, although I think those of us with good credit will probably continue to have plenty of no-fee options. It’s the folks without good credit who may get stuck.

]]> By: Ken http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-223 Ken Tue, 28 Jul 2009 15:44:20 +0000 http://asklizweston.com/?p=1291#comment-223 Sorry, skipped the word "NO" in comment. No forex fees with Schwab. Sorry, skipped the word “NO” in comment. No forex fees with Schwab.

]]> By: Ken http://asklizweston.com/2009/07/28/8-credit-card-fees-to-beware/comment-page-1/#comment-222 Ken Tue, 28 Jul 2009 15:42:17 +0000 http://asklizweston.com/?p=1291#comment-222 Re foreign transaction fees -- the Schwab Visa also has added fees. Re foreign transaction fees — the Schwab Visa also has added fees.

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