Beware of the fees charged by credit card companies

If you have been overlooking reviewing your credit card statements each month, then it is time to start taking note of it now. Though consumers are offered a certain level of protection by the CARD Act that came into effect last year, there are ways in which banks have managed to overcome they revenue loss caused due to this act. There are a number of fees that have either been increased or added newly to credit card accounts. While there are a few banks that notify the customers about the upcoming changes, there are a few that don’t consider this their priority. Here are a few fees that you need you need to keep a track off before they continue accruing unnoticed on your credit card dues.

Now that the revenue from the interest has been curtailed, an increasing number of lenders have begun charging ATM fees on their cards. Though there are a certain number of withdrawals that are permitted without any fees, overriding the limit will prove to be costly. Certain banks will not charge fees when you withdraw money from their ATM. But, if you choose to use the ATM of another bank, be prepared to pay more than you expected.

There are various types of fees associated on your credit card, some of which you may be aware of and some that you are not. Good news is that the CARD Act has definitely set strict limits on most of the fees levied by the bank; however, there are financial institutions that still continue to levy fees that are well hidden behind the fine print. Customers who use over $2500 on their card will also be charged service charges that they need to be careful about.

Though most customers are not aware of this fact, a number of banks do charge a small amount as fees to mail the credit card statements to your billing address. You can easily opt out of these fees by opting for electronic statements that will be sent to your email id, thereby reducing the cost of paper.

Certain credit card lenders have begun charging fees on calls to their customer support department. It is always better to check this out on the company website before placing a call. Avoid making calls to customer support unless you are not able to find a satisfactory answer on their website. Try sending them an email with your query before dialing their customer support number.

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