Credit Cards With the Highest (and Lowest) Fees
We know that most credit cards have late payment penalties or balance transfer fees. But there are some you might not expect, such as overseas transaction fees or annual membership fees. CreditCards.com has collected the cards with the highest and lowest commission.
CreditCards.com reviewed 100 of the most “widely accepted universal cards” in the United States. They examined the commissions associated with each of these cards and then rated them. You can see the most common commissions in the table above. And there were some more interesting findings:
- The fees are almost universal. Out of 100 surveyed cards, the average amount of commissions is six …
- The most common fee is a late payment penalty, which applies to 99 out of 100 cards. Fees range from $ 10 to $ 49, with the most common commission being $ 38, which is the maximum allowed for consumer cards under federal law.
- After late fees, the other most common payments are cash advance fees (charged on 98 cards), balance transfer fees (charged on 89 cards), and chargeback fees (81 cards).
Here is their list of the cards with the most fees, followed by the cards with the least fees:
The cards with the highest commissions:
- First Premier Bank credit card – 12 commissions
- First Premier Bank Secured MasterCard – 12 commissions
- Credit One Visa Platinum – 9 fees
- Fifth Third Bank Platinum MasterCard – 9 commissions
- Federal Credit Union of the Navy monetary remuneration – 9 fees
- Visa Platinum Rewards Regions card – 9 commissions
Lowest commission cards:
- Spark Miles Select from Capital One – 3 commissions
- Capital One Spark Cash Select for Business – 3 Commissions
- Spark Classic from Capital One – 3 commissions
- ExxonMobil SmartCard from Citi – 3 commissions
- Visa PenFed Promise card – 0 commissions
Of course, the fee for using the card may not matter to you, depending on how you use it. If you’re not traveling, you probably don’t care if, for example, your card is being charged for overseas transactions. Or, if you use your card to earn rewards, you can earn enough to justify the annual fee. However, they point out that credit card fees are on the rise, so this is useful information if you are thinking of purchasing a new card.
You can check out the rest of their findings at the link below.
Review: Issuers Prefer Card Fees, Consumers Wary | CreditCards.com