Mortgages

Hidden Charges

credit card There can be many hidden charges that you can be charged for by credit card companies. If you are able to clear your monthly balance each month then you are unlikely to ever encounter these charges but most of us are not in that position.

The main charges that can be made are for late payment, cash withdrawals, going over your agreed credit limit and using your card abroad. The average charge for late payment or exceeding your credit limit is currently £25 but not only will you be charged this additional hidden fee but you may incur penalties that may reflect on your credit history.

 

credit card charges Other hidden cahrges that relate to personal loans is early repayment of the loan. Some lenders will impose a fine of two months’ interest on customers paying off their loans ahead of schedule on top of the standard charge for early settlement.

Using your credit card abroad may incurr charges that can come as a surprise when you receive your statement, you may wish to check the exchange rates to make sure you get the best possible deal, always check your agreement before traveling with your current card.

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