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Summary
Credit cards charge a large variety of fees. The fees they assess depend on the use of the card or the specific penalty.

Types of Fees

• Annual fee. Some credit cards charge this annual fee for having the card
• Balance transfer fee. This is charged when you transfer a balance from one crecit card to another. You will often see balance transfer “checks” being sent to you in order to pay off other cards. When you use these checks the balance is transferred from the issuing card to pay the amount due on the other card
• Cash advance fee. This is charged when you use the card for a cash advance. This fee can be a flat fee or a percentage of the cash advance
• Express payment fees. Some credit card companies charge a fee if you pay by telephone (if you arrange by phone for payment to be transferred from your bank to the company)
• Late payment fee. This is charged when your payments are received after the due dates
• Over limit fee. This is charged if you go over your credit limit
• Limit increase fee. Some credit cards charge this fee if you ask for an increase in your credit limit. Not all credit cards assess a fee for increasing your limit
• Set-up fee. This is charged when a new credit card account is opened
• Returned check fee (or bounced check). This is charged if you pay your bill by check and the check is returned for non-sufficient funds (i.e. check bounces)
• Other fees. Some credit card companies charge a fee to cover the costs of reporting to credit bureaus, reviewing your account, or providing other customer services. Read the information in your credit card agreement to see if there are other fees and charges.