Hiking Various Fees Tied to Credit Cards
In recent years, late payments on credit cards have averaged about $35. One possible way for banks to increase their income would be to slap delinquent customers with even bigger late-payment penalties.
That’s a potential scenario, but not as likely as fees that are under the radar of the average consumer.
For instance, credit card issuers might impose foreign currency or transaction fees when you use a credit card out of the country, or they may charge a fee on a rewards credit card when you redeem a “freeâ€ airline ticket, says Curtis Arnold, founder of CardRatings.com, a credit card comparison site that helps consumers find the best deals on credit cards.
“They may even start charging for the printed statements that you get in the mail under the guise that they’re trying to be environmentally friendly,â€ says Arnold, noting that “banks are very creative.â€
“The public outcry over rising fees has become such a toxic issue and it generated such buzz in the media that I expect banks to regroup and figure out what to do next. They’re not going to just lay down and take this,â€ Arnold adds. “They’re going to fight back.â€
Arnold’s advice: Be on guard and constantly read the fine print of your credit card and banking agreements. Also, even though the new Consumer Financial Protection Bureau will be a watchdog for consumers Arnold says “we shouldn’t trust regulators to be our life preservers.â€