The following lists the many extra charges which may apply to our credit cards. It is wise to make yourself aware of these charges, and whether or not they apply to your current credit card and if so, the penalties which will apply.

• Annual Fee – The annual fee for credit cards varies widely from $0 up to $400. If you do pay an annual fee, it is likely that it is covering other items such as travel insurance, higher rewards and other benefits. If you are paying an annual fee you should make sure that what you are receiving in return is worthwhile.
• Late Payment Fee – Many of us have been slugged with this fee at least once or twice. If you fail to keep track of your due date and miss a payment, even by 1 day, you will pay. This extra charge can be avoided by ensuring that your payment is received on time each and every month.
• Exceeding your Credit Limit – Another charge which can apply is if you go over your credit limit. This charge can be avoided by keeping track of your monthly credit card purchases.
• Balance Transfer Charges – If you transfer your balance to another credit card you may be charged this extra charge. Be sure to take this into account when considering a balance transfer.
• Additional / Lost or Damaged Cards – Many credit cards have a fee for an additional card holder. This is most likely to be a fee which will be charged annually. Also, lost or damaged credit cards may also incur an extra charge.
• Low Usage Charge – Some higher end reward credit cards can impose an extra charge if you spend less than a certain amount per annum.
• Cash Advances – Many credit cards have much higher rates for cash advances. Cash Advances should be avoided unless absolutely necessary.
• Using your Credit Card Overseas – Some credit cards can attact an extra charge for making purchases abroad. If you’re planning on travelling, make sure you look into this to see if this applies to your credit card.

Be sure to read the fine print of your credit card agreement. This way you will be aware of all the situations which you many attract extra fees and charges and avoid them.

Do you rely heavily on your pay day for money to clear bills, only to find you’re not left with much. It may be worth thinking about changing the due date for your credit card.

We all know of the hefty fines imposed for late payments. Moving your credit card’s due date to a day which falls right after your payday can help reduce the risk of late payments or underpayments.

Check with your credit card issuer to see what they can do for you. This simple step is a simple thing we can do to help ease the burden and avoid late payment fees.

Late Payment Fees:

St.George Credit Cards – $35.00
Commonwealth Bank Credit Cards – $25.00

By setting up a standard reminder in your calendar to pay your credit card on time each month, you will be certain to avoid any late payment fees.