Which Credit Card Companies Have the Worst Hidden Fees & Helfty Penalties
Posted on September 2, 2007
Filed Under Advice | Comments Off
If you like to use your credit card, you’ve probably had this happen to you.
You open up the monthly bill, and you find an expensive surprises.
Alexis Christoforous has some tips on how to save yourself some money.
WE ALL PUT THINGS ON PLASTIC… IT SEEMS SO CONVENIENT.
BUT A GROWING NUMBER OF AMERICANS ARE PAYING A HEFTY PRICE FOR THE PRIVILEGE
Jason Bulgatz says “I missed a payment, was slammed with a 20 or 50 dollars fee, and i didn’t expect it.”
AND IF YOU THINK THE BIGGEST OFFENDERS ARE OBSCURE CARD COMPANIES… THINK AGAIN.
FIVE OF THE COUNTRY’S BIGGEST BANKS THAT ISSUE VISA AND MASTERCARD (JP MORGAN CHASE, BANK OF AMERICA, CITIBANK, CAPITAL ONE AND HSBC) RECEIVED SOME OF THE LOWEST RATINGS FROM CONSUMER REPORTS.
COMPLAINTS RANGED FROM UNFAIR LATE FEES TO POOR CUSTOMER SERVICE.
Angi Smith says “You get the runaround every time you call. you get transferred around. you’re on hold, it’s the worst.”
(Alexis holding credit cards) SINCE 1995, LATE FEES HAVE MORE THAN DOUBLED TO AN AVERAGE 28 DOLLARS. AND AFTER JUST ONE LATE PAYMENT, CARDHOLDERS CAN GET HIT WITH INTEREST RATES AS HIGH AS 32 PERCENT.
Brooke Zukowski says “I had a bill where I didn’t even use my card, but it had a late fee on there that I had to pay.”
IT MAY PAY TO CALL AND BARGAIN WITH YOUR CREDIT CARD ISSUER.
Greg Daugherty, Consumer Reports says “It’s much cheaper for them to keep you and keep you satisfied, if they can.
MORE THAN 50 PERCENT OF CARDHOLDERS WERE ABLE TO NEGOTIATE A LOWER INTEREST RATE AND NEARLY 80 PERCENT WERE ABLE TO PERSUADE THEIR CREDIT CARD COMPANY TO WAIVE A PENALTY FEE.
AMERICAN EXPERSS AND DISCOVER GOT HIGH MARKETS, BUT CONSUMERS SAY THE BEST CREDIT CARD DEALS COME FROM CREDIT UNIONS.
Greg Daugherty of Consumer Reports says “They seem to have lower interest rates, they seem to treat their customers better, they don’t have a lot of hidden fees.”
FEES THAT CAN HAVE YOU PAYING MUCH MORE THAN YOU BARGAINED FOR.
Years ago, membership to a credit union was restricted.
But regulators have changed those restrictions, and made it much easier to join a credit union.