When It Comes to Fees, These Credit Cards Are the Worst
Swipe Gripe

When It Comes to Fees, These Credit Cards Are the Worst

Discover the pros and cons of credit cards that help you build credit.
istockphoto
By Beth Braverman

Two credit cards from First Premier Bank have the most fees of 100 cards researched for a CreditCards.com report released today.

The average number of fees per credit card analyzed was six, but the First Premier Bank Credit Card and the First Premier Bank Secured MasterCard carry 12 potential fees each. The PenFed Promise Visa Card was the only one in the survey that levied no fees at all.

A quarter of the cards surveyed charged an annual fee, although 10 percent waived that fee for a consumers’ first year. All cards except for the PenFed Promise Visa Card charged a late payment fee, which can run up to $25.

Related: What to Know Before Your Teen Gets a Credit Card

Penalty fees tend to be easier for consumers to avoid (don’t make late payments), and it’s worth shopping around for cards that don’t have fees for the transactions you need.

Most cards carry a cash advance fee, typically the greater of either $10 or 5 percent of each cash advance.  Among cards that allow balance transfers, 90 percent charge a fee for doing so, typically $5 or 3 percent of the transfer.

Another common fee was the foreign transaction fee, typically about 3 percent per transaction, charged by 77 percent of cards. “If you travel internationally a lot, a credit card that doesn’t charge foreign transaction fees is a great value,” CreditCards.com senior industry analyst Matt Schulz said in a statement. 

If you’re hit with an unexpected, one-time fee, try calling your issuer and asking them for a refund. Often customer service reps are authorized to do so on a case-by-case basis.

MOST POTENTIAL FEES

  • First Premier Bank Credit Card (12)
  • First Premier Bank Secured MasterCard (12)
  • Credit One Visa Platinum (9)
  • Fifth Third Bank Platinum MasterCard (9)
  • Navy Federal Credit Union Platinum (9)
  • Navy Federal Credit Union Cash Rewards (9)
  • Regions Visa Platinum Rewards (9)

FEWEST POTENTIAL FEES

  • PenFed Promise Visa Card (0)
  • ExxonMobil SmartCard from Citi (3)
  • Spark Classic from Capital One (3)
  • Capital One Spark Cash Select for Business (3)
  • Spark Miles Select by Capital One (3)

Does Paul Ryan Have ‘His Eyes on the Exits’?

FILE PHOTO: Speaker of the House Paul Ryan (R-WI) speaks during a press briefing on Capitol Hill in Washington
Joshua Roberts
By The Fiscal Times Staff

Politico’s Tim Alberta and Rachael Bade drop a blockbuster: “Despite several landmark legislative wins this year, and a better-than-expected relationship with President Donald Trump, Ryan has made it known to some of his closest confidants that this will be his final term as speaker. … He would like to serve through Election Day 2018 and retire ahead of the next Congress. This would give Ryan a final legislative year to chase his second white whale, entitlement reform, while using his unrivaled fundraising prowess to help protect the House majority—all with the benefit of averting an ugly internecine power struggle during election season.”

Speculation has been swirling that Ryan could step down once “he’s harpooned his personal white whale of tax reform,” as HuffPost put it.

When asked at his weekly press conference whether he’ll be quitting anytime soon, Ryan chuckled and said, “I’m not, no.”

EU Finance Ministers Warn Mnuchin About Tax Plan

By The Fiscal Times Staff

The finance ministers of Europe’s five largest economies — Germany, France, the U.K., Italy and Spain — warned that the Republican tax plan could have “a major distortive impact” on international trade and may violate international treaties. "The inclusion of certain less conventional international tax provisions could contravene the U.S.'s double taxation treaties and may risk having a major distortive impact on international trade," the ministers wrote in a letter to Mnuchin.

Trump’s Plans for Welfare Reform Will Hit Health Care, Housing and Veterans

iStockphoto
By The Fiscal Times Staff

Politico reports: “The White House is quietly preparing a sweeping executive order that would mandate a top-to-bottom review of the federal programs on which millions of poor Americans rely. And GOP lawmakers are in the early stages of crafting legislation that could make it more difficult to qualify for those programs. … The president is expected to sign the welfare executive order as soon as January, according to multiple administration officials, with an eye toward making changes to health care, food stamps, housing and veterans programs, not just traditional welfare payments.”

It’s Official: No Government Shutdown – for Now

iStockphoto/The Fiscal Times
By The Fiscal Times Staff

President Trump signed a short-term continuing resolution today to fund the federal government through Friday, December 22.

Bloomberg called the maneuver “a monumental piece of can kicking,” which is no doubt the case, but at least you’ll be able to visit your favorite national park over the weekend.

Here's to small victories!