Low Interest Credit Card Fee Tips

Let's face it, although zero interest credit cards give you a chance to pay your

balances minus the interest rate, that offer isn't going to be permanent. After teaser rate period ends, you'll be back to regular interest rates and fees. So do not judge a credit card based on the initial offer alone. Instead, see what it has in store for you beyond the tempting zero interest or low interest offer. Here are the fees you should pay close attention to:

Annual Fee. The annual fee is what you are required to pay every year to activate your card. Some require a low $15 annual fee to a high of $100 per year. Usually, credit cards with reward programs impose higher annual fees to make up for the incentives they give. The best low interest you can get is one that has no annual fee so you won't have to worry about a yearly payment at all.

Minimum Finance Charge. This is the minimum payment you need to submit at the end of your billing cycle regardless of how much your balance is. Some credit card holders pay only the minimum each month but doing so puts you at risk of mounting credit card debts and interest rates. The best way to manage your credit card balance is to pay it in full as much as possible. If you must carry over a balance, pay more than the minimum so you can get off from your debt in the soonest possible.

Balance Transfer Fees. If you are going to use your credit card for transferring your high rate balances, check out the balance transfer fees. Usually, the balance transfer fee will depend on the amount of balance you're going to transfer. Although the interest rate is zero, you may be charged with a considerable fee every time you make a transfer.

Late Payment Fee. Obviously, you will be charged with this fee if you delay with your payment. Credit cards with zero interest offer are particularly very strict about payment dues. You can get charged with an expensive late penalty fee and may even get disqualified from the zero interest offer if you made a single late payment. Hence, if you own a 0% APR, you need to be more conscious about making your payments on time, at all times.

Credit Limit Fee. This is your penalty if you go beyond your credit limit. Of course, you want to avoid exceeding your credit line altogether not only to avoid the over-the-limit penalty fee, but also to protect your credit history and credit score.

International Transactions. If you travel a lot, you need to be aware of currency conversion fees associated with your credit card. You may be surprised at how much you would incur from transaction fees alone if you use your credit card in other countries. These fees can also apply when you use your credit card for shopping online so watch out!

by: Liz Roberts

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