Carrying a credit card can either be a lifesaver or a nightmare for people. It is important that people should know how to properly use it and how to take advantage of the benefits. Retirees may know by now that an improperly used credit card can lead to steep and mounting debts that can easily put you into a load of debt.
One way to take advantage of using credit cards is by minimizing the fees that they charge on users. While there are unavoidable charges, there are also certain fees associated with credit cards that you don’t necessarily need. But in order to profit more, credit card companies may offer them along with offering a new credit card, informing you that it is important. Here are some of those credit card fees that you are better off avoiding.
Monthly Credit Report Monitoring Charges
Some credit card issuers offer a service to monitor your credit report for you for a monthly fee. It can be a safeguard against suspicious activity that might affect your credit card. But unaware to most card users, a number of credit card companies are already doing that for you without you knowing it, and for free. It is standard procedure for credit card companies to monitor their customer’s credit use. This is especially true if they see any suspicious card activity such as making unusually large charges on your card. You may find yourself getting a call from the company regarding the said purchase with the option to cancel if fraudulent. It is already a free service and there’s no need to pay for it.
Annual Credit Card Charges
It may come as a surprise to many, but annual fees for credit cards aren’t usually mandatory, at least for a lot of credit card companies. But the card issuers do charge them and many credit card users just accept them as they are and pay them. But credit card annual fees can be waived. It is just as easy as making a call to the credit card company. Most of the companies would be more than willing to waive such fees just to let current credit card users stay with them.
Lost Wallet Protection
It can truly be hassle if you lose your wallet with all your credit cards in it. That is why some credit card issuers offer a service of making the calls to cancel your other credit cards in your place in case your wallet gets stolen or lost. This service costs only a few dollars per month. It might be a convenience for you to leave the task of reporting your lost credit cards to someone who can do it for you. But just how often do you lose or get your wallet stolen? This monthly fee can be something that you can do without.