Credit cards are convenient enough that their costs often slip by unnoticed. A few small charges each year can add up to more than an annual fee. Here are five worth checking on your next statement.
1. Late fees
Missing a due date by even a day can trigger a fee and, after repeated misses, a higher penalty APR. Autopay for at least the minimum payment is the simplest protection.
2. Foreign transaction fees
Many cards add around 3 percent to purchases processed outside the United States, including online orders from foreign merchants. If you travel or shop internationally, a card without this fee pays for itself quickly.
3. Cash advance fees
Withdrawing cash with a credit card usually costs a fee of 3 to 5 percent, and interest often starts the same day with no grace period. Some transactions, such as buying certain gift cards or money orders, can be treated as cash advances too.
4. Balance transfer fees
Even with a 0 percent promotional rate, moving debt typically costs a percentage of the amount transferred. Factor it into the math before you move a balance.
5. Annual fees you no longer use
A card whose perks made sense two years ago may not fit your life today. Before the fee posts, call the issuer and ask about a downgrade to a no-fee version, which keeps your account history intact.
