Credit Card Rates Fees

Do credit cards offer good currency exchange rates?

Yes, especially when you're using any of the best no foreign transaction fee credit cards. When traveling outside the United States, you'll almost always get the best possible exchange rate by using a major credit card with a hotel, airline or vendor. In addition, you're avoiding ATM surcharges, cash advance fees, and the infamous surcharges at [...]

Are there any credit cards available with a fixed rate?

Strict disclosure rules and a fear of rising interest rates have radically reduced the number of fixed rate credit cards on the market. A scan of the Consumer Financial Protection Bureau's credit card agreement database shows that only about 17 percent of active offers include the phrase "fixed rate." Many of those agreements refer to [...]

Can you explain what the prime interest rate is and how it affects my credit cards?

When you hear journalists or credit card companies talk about the "prime rate," they're talking about the annual percentage rate that banks charge their very best customers when they need to borrow money. Those banks' very best customers aren't consumers like you or me, though. They're other banks. Don't worry, though. Your bank's not trying to [...]

If I use my credit card, can I get cash back when I buy something? Will I be charged a fee?

While credit cards are great for a lot of things, using them as a way to put cash in your wallet isn’t one of them. Debit cards have become so familiar, we're totally accustomed to punching in our PINs and asking for cash back at the grocery store. Credit cards don't offer quite the same amount [...]

Do all credit cards have variable rates? Can I get a fixed rate? Do I want a fixed rate?

Ever since the credit crunch of 2008, the fixed-rate credit card has been on the endangered species list. Although variable-rate credit cards had already grown popular among lenders, fixed-rate credit cards offered consumers a great incentive to switch banks. If a lender got in over its head, or if a customer fell behind on their [...]

What does variable APR mean?

Variable APR means that the annual percentage rate on your credit card can change over time. Don't worry, though. Banks can't just adjust your rates without notice or beyond reason. A complex set of rules governs how much you'll pay in finance charges on your outstanding balance. Banks base your APR on a prime lending rate, [...]

I paid my balance in full and I received another bill for interest. Am I obligated to pay this?

First, congratulations for paying down your credit card balance. In this economy, most of us find that a tough achievement. However, you've already noticed a quirk of modern accounting: a final finance charge representing interest on your balance during your previous statement cycle. So, yes, you do have to pay the amount. In fact, losing [...]

What specific credit cards are offered by U.S. banks and credit unions that duplicate the European EMV chip-and-PIN design and do not include foreign transaction fees?

Q: What are the best no foreign transaction fee credit cards offered by U.S. banks and credit unions that duplicate the European EMV "chip and PIN" design? A: According to officials at Visa Inc., a handful of American banks and credit unions have issued a total of over a million chip-and-PIN credit cards to U.S. account holders. [...]

I travel a lot, and it is very convenient when overseas to use my credit card. I know from my foreign colleagues that their credit cards are not subject to foreign transaction fees. What's the cheapest option in this situation?

Q: I travel a lot, and it is very convenient when overseas to use my credit card. However, I am charged a foreign transaction fee of 3 percent. The only cards that do not have a foreign transaction fee have an annual fee. I know from my foreign colleagues that their credit cards are not [...]

I have an excellent record for payments on all my cards, but I'm paying as high as 29 percent interest. How can I lower the rate?

Lots of factors could contribute to your relatively high finance charge, ranging from the relationship you've got with your bank to the way you manage your balances. In the wake of the Credit CARD Act's passage, consumers wondered what happened to the "protections" lawmakers promised them. After all, hiking the minimum payments and bumping interest rates [...]

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