Fees on Secured Credit Cards
Almost all credit cards secured or others will have fees
and charges. When you are shopping for a credit card be sure
to read the small print to find out what those fees are and
how much they are. Your best bet, of course, are cards with
few or no fees so do your homework.
Most secured credit cards charge the following fees:
fee: Just for applying for a card also known
as a processing fee
- Annual fee
(sometimes billed monthly). Cost for having the card
- Cash advance
fee. Cost for taking a cash advance, in addition
to interest rates and finance charges.
- Late-payment fee.
If your payment arrives after due date
- Over-the-credit-limit fee. If you go
over your credit limit
- Credit-limit-increase fee. If you have
your credit limit increased
- Set-up fee. Similar to application or
- Return-check fee. If your payment check
- Other fees: Some banks charge
- if you pay by telephone (that is, if you arrange by phone
for payment to be transferred from your bank to the company)
- to cover the costs of reporting to credit bureaus, reviewing
your account, or providing other customer services.
Read the information in your credit card agreement to see
if there are other fees and charges.