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With prices on the rise, many Americans are looking to cut down on their expenses. One common expense that can often fly under the radar: credit card fees.
When you use a credit card, you're borrowing money from your credit card issuer to expand your purchasing power, build credit, or both. Just pay your credit card bill every month by the due date, and all is well and good, right?
Well, not really. There's more to making timely payments every month to avoid a late fee. For example, overspending can result in an over-the-limit fee. Transferring your credit card debt to take advantage of a promotion may come with a balance transfer fee.
According to the Consumer Financial Protection Bureau (CFPB), from 2018 to 2020, Americans paid roughly $120 billion per year in credit card interest and fees. That translates to an average of $1,000 annually for each American household.
#card #fees #month #advertiser
With prices on the rise, many Americans are looking to cut down on their expenses. One common expense that can often fly under the radar: credit card fees.
When you use a credit card, you're borrowing money from your credit card issuer to expand your purchasing power, build credit, or both. Just pay your credit card bill every month by the due date, and all is well and good, right?
Well, not really. There's more to making timely payments every month to avoid a late fee. For example, overspending can result in an over-the-limit fee. Transferring your credit card debt to take advantage of a promotion may come with a balance transfer fee.
According to the Consumer Financial Protection Bureau (CFPB), from 2018 to 2020, Americans paid roughly $120 billion per year in credit card interest and fees. That translates to an average of $1,000 annually for each American household.
#card #fees #month #advertiser
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