Fees
Definition
Additional charges besides the interest. Each card company can make up their own, but these are the most common ones: Set-up Fee - A charge for opening a credit card account. Most companies don't charge this fee because they want to draw you in. Annual Fee - A yearly charge for maintaining the account. This usually only applies to rewards cards or ones that offer membership advantages. Late Payment Fee - Fee for missing a payment. Primarely used as a deterrent to not paying your bill on time. Balance Transfer Fee - A one time fee for transfering a balance from another card. Most card companies want you to transfer balances to them so they offer rewards for doing so instead of charging fees. Cash Advance Fee - A fee for getting cash out of a card. Sometimes a flat fee, other times a percentage of the cash taken out. Over Credit Limit Fee - For spending more than your credit limit. Instead of cutting you off some providers will just charge a fee if you go over your credit limit.
Related Terms Other terms related to 'Fees' starting with the letter 'F' Fresh start, Federal Reserve Board of Governors, Fair Credit Billing Act, Float, FSLIC
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